Struggling U.S. Malls Mix It Up As Asia Booms

<p>While they flourish in Asia, huge shopping malls are losing their popularity in the U.S. to big box retailers. One way developers are reacting is by recreating the formerly all-commercial shopping experience to include a mix of uses.</p>
January 15, 2007, 7am PST | Nate Berg
Share Tweet LinkedIn Email Comments

"Based on Gross Leasable Area, or the amount of space devoted to revenue-producing operations like stores, amusements and food, the continent is home to eight of the world's 10 largest malls, six of which have been built since 2004. That's added some 27 million square feet of shopping space to cities like Beijing and Guangzhou in China and Kuala Lumpur in Malaysia."

Meanwhile in the U.S., shopping malls have fallen out of vogue.

"Many malls have taken to revamping or downsizing to survive. At the Houston Mall in Texas, for example, a traffic court and outpatient health care services have replaced some big stores like Sears."

"In the hope of finding future growth, developers are turning to mixed-use centers, projects that combine retail, dining, entertainment and residential living units, not unlike some of the new Asian malls, like the Beijing Mall and Berjaya Times Square in Malaysia."

Full Story:
Published on Thursday, January 11, 2007 in MSNBC
Share Tweet LinkedIn Email