If you live in the NYC media market, I made the local news a few days ago. The clip is now available on YouTube.
NJ Chasing News interviewed me last week, in the wake of the escalating vacancy in malls, both in North Jersey and across the country. I only physically appear briefly (it was a Skype interview) but my narrative carries across most of the feature, built off of my coverage of the Bridgewater Commons Mall. And yet, in spite of the evidence that many (most?) malls will soon implode, the State of NJ just subsidized a new mega-mall called American Dream in the Meadowlands–that’s right, it’s the long-defunct project formerly known as Xanadu, opening at a time when far more malls are closing than breaking ground. In fact, no new mall has opened in the U.S. since 2006.
Needless to say (as has been manifest on this blog numerous times), I’m not sanguine about the future of bricks-and-mortar retail in northern New Jersey or anywhere else. At the very least, as recently as the 1990s, the likelihood that two malls would feature the exact same mix of department stores was rare. Now, after the near-complete consolidation of all those department stores, it’s basically the status quo. Even more portentous: the big three (Macy’s, Sears, J.C. Penney) are shuttering locations left and right. What will be the future of malls when virtually all of them has at least one vacant department store?
Learn more through the feature, and then feel free to offer comments here. I’d love to hear your thoughts.