Too Many Stores & Malls: Impact On Coin Shops

The mall, not so nearby anymore, that I used to go to often when younger has declared bankruptcy and has started auctioning off its contents. Apparently, someone wants to turn it into a large apartment complex of some sort. It was very strange to hear about because is its day it used to bulge with people from opening until closing. People now say it's a complete wasteland.

I think the era of malls has passed, or is at least passing.

 

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Manny, I've seen those types of pics -- they just let the malls rot away. Literally have weeds and grass growing through the ground floors.

It's kind of sad...a quintessential part of Americana....we all love online but but as it's gone from 2% of retail sales to 28%, that's alot of $$$ that malls and department stores lost out on.

 

We must not allow our beautiful Humpty-Dumpty malls to be destroyed by the Sniffles Apocalypse.

We shall fight on to the end. We shall fight them in the Soy Store. We shall fight them at the Sushi Bar. We shall fight with growing confidence and growing strength for the last can of Gourmet Popcorn....

 

In my area you can rent or lease a space for almost nothing. The owners will even do short term stuff. Any amount of rent is better than nothing.
The owners that are doing well, work really hard to keep the spaces full. They don't wait for someone that want's to rent, they go looking for them. They steal renters from other malls that are run down with an offer of lower rent and a nice fresh location. It's a tough game.

 

South Florida, the Miami, Ft. Lauderdale and Palm Beach areas which accounts for almost 9 million of the states 21 million people (3rd most populous state in US) has huge amounts of strip mall shop closings.
This despite a huge influx of people that have retired from the NE US and other parts of the country selling and moving to Florida where there is no state income tax, much lower property taxes, and comparable sized home prices are about 50% that of the NE the strip mall stores are closing in droves.
The demand for real estate in many heavily populated areas of Florida has caused many owners of malls, golf courses, etc. to sell off for condo, apartments and real estate development.

 

I watched a show about how malls came into be. They said in the 70s there was an obscure tax break in investing in malls so the wealthy built them all over the place as a sort of way to escape taxes for a period of time. I don’t know when it went away but apparently that’s how they popped up everywhere. And now in the internet era, they just aren’t needed anymore. Younger folks will never realize how much things changed after the internet and cell phones became common place. There was life before the internet and after and they’re two completely different eras for sure. There’s been a few winners and a lot of losers as a result. Inevitable though.

 

No wonder I failed math all the time.

 

My college math professor once said: “There are 3 kinds of people in this world, those who can do math and those who can’t”.

 

Not sure what specific tax break but many disappeared with the 1986 Tax Reform Act.

 

I'm in the NYC area....my NYC suburb had 1 mall for most of my life, the Nanuet Mall. Sears on one end....Bambergers/Macy's on the other. Upper-Lower shops on both sides connecting the long rectangle....NO food court (mall was built 1969)....I think it had 50-60 shops including a Spencers Gifts and a Waldenbooks which is where I hung out. Later, an arcade in the late-1970's when video games got popular.

Then the Palisades Mall got built a few miles away.....15 theaters instead of 1.....HUGE food court with a dozen eateries.....4 levels of shops, maybe 100-125 shops...Nanuet Mall was forced to expand, then it closed and re-opened as an open air mall called The Shops At Nanuet. Higher-end now....not sure it will make it. Even Palisades Mall is down from online and then The Virus.

https://rcbizjournal.com/2020/07/19/palisades-center-avoids-foreclosure-for-now/

https://rcbizjournal.com/2020/04/18...-could-find-quick-buyer-but-at-deep-discount/

 

And then there's the way malls evolved. I remember a mall in our area that was open air; all the shops were clustered around a common area that was open to the weather. It was a big deal when they eventually covered it. Then the big malls came in with food courts, needed since you worked up an appetite after walking from store to store. But people got tired from all that walking and preferred the convenience of simply driving up to the door of the store, hence we got the strip mall.

 

And then there's the way malls evolved. I remember a mall in our area that was open air; all the shops were clustered around a common area that was open to the weather. It was a big deal when they eventually covered it. Then the big malls came in with food courts, needed since you worked up an appetite after walking from store to store. But people got tired from all that walking and preferred the convenience of simply driving up to the door of the store, hence we got the strip mall.

 

theirs only 1 coin store in a small strip mall where i live and probably 5 pawn shops that have coins but theirs also a flea market every Wednesday, Saturday and Sunday that has 2 coin dealers that set up all 3 of those days. i buy all my coins at the flea market. prices there are a lot lower then the other shops

 

The Nanuet Mall became The Shoppes At Nanuet....no way it could compete with the Palisades Mall 3 miles away so they went open-air...not sure it was going to make it before The Virus (ditto Palisades). We'll have to see.

The anchor tenants -- big box stores or department stores -- simply can NOT take that much retail space. It's economically unfeasible.

 

One more factor I neglected to mention: Around here the strip malls have been notorious for being hangouts for sex traffickers. The regular malls too, but to a lesser extent.