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In a recent article, I shared some Thinking About Malls. That article discussed the elements involved in the success of malls going forward.
A main focus there was the tenants who run mall stores (as opposed to anchors). Going forward past this recession, they will be less indebted and fully omnichannel. But restoring the financial performance of even good malls may take some period of years.
Figure 1. Nearly all the profit of a mall landlord comes from the many small mall stores.Source.
From that article and the fruitful discussion it stimulated,