Malls facing bankruptcy, foreclosure during COVID-19For years, box retail stores and malls have struggled to bring customers in, instead of shopping online. "It's like you hand the keys back and just say, 'Yeah, we're throwing in the towel here on this thing and we can't make a go of it, here you go, it's in your hands now,'" said Andrew Weiland, BizTimes editor.
In early November, Brookfield Square's owner, CBL, declared bankruptcy.
Both malls have lost multiple, major retailers in recent years, like Boston Store, Sears and Kohl's.
Both malls have also replaced those anchor stores with various entertainment, including Whirley Ball, movie theaters and a bowling alley.
However, COVID-19 hit when those entertainment venues were built, which made gathering for entertainment nearly impossible.
"There's no guarantee that these places survive. There's so much change occurring. Retail was already stressed and now it's hyper stressed thanks to COVID-19," Weiland said. "There's going to be a lot of pain in retail real estate until the pandemic's over and even then, when it is over, we're probably looking at a huge transformation."
