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Malls simply evolving, not dying



The CEO of General Growth Properties, Sandeep Mathrani is a retail veteran. He has seen the rise and fall and again the rise of many malls and stores, including Riverchase Galleria.
The sales and occupancy of the mall dropped to an all-time low when the recession hit, but that did not stop GGP from investing millions of dollars in remodeling the largest indoor mall in the state.

The sales have once again reached pre-recession figures and the occupancy is at 96%. However, Mathrani still finds that he has to try and convince alarmists that the retail arena is thriving.

He said that the death of the shopping mall has been discussed for ages. When it was up against the Home Shopping Network and the catalogue, it was classified as dead. When it came up against the power centres with specialty retail, the same was said. However, the mall has remained.

Aside from the dollar investment by GGP, they also thought about aesthetics.

Sandeep Mathrani stated that the internet will continue to be a challenge to the brick building, but it is not being viewed as the chief competitor. He expects the two to merge as they evolve further. 


YESTERDAY:
Located on Broadwick Street in Soho, London.
DAY BEFORE YESTERDAY, USA:
Luxury fashion house Balenciaga inaugurated its first standalone store in Chicago, Illinois.
May 21, 2024, France:
Some fashion brands are opting to hold their showroom presentations in Milan this season due to logistical challenges posed by the Olympics.
May 20, 2024:
The collection follows the recent launch of Zara's 'Timelesz' line and represents another step in enhancing its kids' division.
May 17, 2024:
David Beckham has signed a multi-year design deal with Hugo Boss
May 16, 2024:
Fashion retailer Esprit has commenced insolvency proceedings for its European holding company.
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