Tim Mossholder on Unsplash

Class-A mall valuations nearly halved over last 5 years

Even the strongest shopping malls are seeing significant slides in valuation as consumer tastes change and the impact of the coronavirus pandemic continues. Class-A mall valuations have dropped about 45% since 2016, according to CNBC, citing a new report by Green Street. For a few years after the Great Recession, Class-A retail valuations did well, but that changed around the mid-2010s as most malls suffered declining occupancies. Mall owners are suffering as well. Simon Property Group, for instance, the nation’s largest retail space landlord — many of whose properties are…

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214 Oxford St. Photo – Wikimedia Commons

Debenhams & Arcadia collapses could release 16.5M sqft of retail space

The liquidation of Debenhams and administration of Arcadia raise the threat of up to 16.5M SF of retail space becoming vacant and coming on to a market with little demand, in one of the worst periods yet for the battered UK retail property sector. The two retailers have a combined store portfolio of 16.6M SF in the UK, Estates Gazette Head of Retail and Industrial Research James Child said on Twitter. That is the equivalent of six Westfield London shopping centres. The liquidation of Debenhams will be of more immediate worry to landlords. The company was already in…

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Gina Capitanini ©Italian Village

US restaurant closures could accelerate as winter sets in

Unless another round of federal aid to small businesses is approved soon, Gov. J.B. Pritzker’s order to shut down indoor dining statewide starting Nov. 4 could wipe out thousands of Illinois restaurants, industry officials say. The original ban on indoor dining was lifted in stages over the summer, but a late autumn wave of coronavirus infections led Pritzker to reimpose a shutdown, and restaurants now face a long winter with few customers or prospects. “We’re not really making it,” Italian Village proprietor Gina Capitanini said. “Every day is a loss and every month…

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