Mr. Hull said he anticipated making more “community” shopping malls in smaller markets, with local and regional businesses. “There will be cooking classes, boutiques, Internet businesses that want physical presence, medical care, food options,” he said.
In Cupertino, California, where Apple is headquartered, the fate of the closed Vallco Shopping Center has become a controversial topic, with passionate public debates around replacing it with affordable housing, new entertainment options, and retail or office space.
Meanwhile, it’s a partially demolished monstrosity, according to Rod Sinks, a member of the Cupertino City Council. “We have a wire fence around everything,” he said.
In Los Angeles, the former Westside Pavilion shopping mall, once featured in Tom Petty’s “Clueless” movie and “Free Fallin ‘” music video, is becoming an office space for Google. Terri Tippit, the 74-year-old chair of the Westside neighborhood council, lamented the loss of space and said it “reflected the way our society is changing and functioning.”
Still, some investors have bought mid-level shopping malls in recent years and have already been working on how to reuse and change spaces, even in malls, by turning store entrances to face the street.
“We haven’t bought shopping malls since 2014 thinking that JC Penney or Sears or Bon-Ton would be in business forever and would operate department stores, and if you were, then what a shame,” said Ami Ziff, director of national retail sales . at Time Equities, a real estate company whose investments include eight closed shopping malls. “Will there be more heartbreak, vacancies, and bankruptcy? Yes. Hopefully, you know what you’re doing so you can pick up the pieces to fill that space. “
Contact Sapna Maheshwari at [email protected].
