Part 3/10:
The mall's recent struggles are emblematic of broader shifts in shopping habits. Traditional brick-and-mortar retail has been steadily losing ground to e-commerce, with consumers preferring online shopping for convenience and safety. As a result, tenants such as Nordstrom and Bloomingdale’s, once anchors of the mall, have exited, leaving large vacant spaces that are increasingly difficult to fill.
Moreover, the mall's revenue streams have dwindled, making it nearly impossible to sustain its operations or attract new tenants. With a current valuation of just $195 million for a sprawling 1.5 million square feet, the income-based appraisal reflects a dismal outlook for its future profitability.