Malls Are 'Open' For Business
"After more than 50 years of building big, boxy, enclosed malls in suburbs across the country, developers cannot fit any more into most communities. So they are turning back the clock (and filling in the spaces) with open-air shopping centers designed to look and feel like small-town downtowns." The Post reports that "U.S. developers will open more than 30 of them through 2004, compared with only 13 enclosed malls, according to the International Council of Shopping Centers." The Post also reports that, on average, consumers spend more money at open air malls but in less time, making them attractive to consumers and retailers alike. "The open-air shopping centers possess that rare quality in retail -- 'walkability.' A regional mall often requires a 10-minute walk from one department store to the next. Open-air centers generally contain less than half the 1 million square feet of a regional mall."
Thanks to Connie Chung