People want 'Main Street' shopping developments, not malls
Ditching the more traditional malls that grew in popularity during the last few decades, developers are now trying to recreate “Main Street” shopping experiences.
Outdoor town center concepts with a mix of retail, residential, office space and even parks or schools, are growing in demand, the Washington Post reports.
And nationally, only 2 new mall developments have been erected since 2009, according to the International Council of Shopping Centers.
The owners of a mall in Maryland announced plans last week to tear the existing building down and replace it with an outdoor shopping center, complete with housing, shops, offices, a hotel, an elementary school and a public park.
The plan would span 5.2 million square feet and take 25 years to complete.
The owner of a mall in Virginia has proposed similar plans: Replacing the indoor mall with a mix of housing, retail, office buildings and a hotel.
Read the full report here.