The entity, opened in 1999, is presently owned by Wells Fargo Bank due to previous owner default.
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: Virginia.org, ShopMacArthur.com, and WTKR.com.
I write extensively for NewsBreak about the financial volatility challenging longstanding U.S. shopping malls. Most of these articles of late have detailed specific mall closures resulting from this state, which in recent years has reached a veritable zenith.
For example, my January 18th article, “80% of U.S. Shopping Malls Estimated By Industry Analysts to Permanently Close Within 10 Years,” is particularly pertinent to this current piece due to detailing widespread industry analyst expectations.
As excerpted from the article: As a targeted Google search will verify, common industry analyst reasons for the sharp downtown of U.S. malls include the pandemic — though foot traffic had been widely decreasing nationwide for several years prior — and subsequent popularity of online shopping, cultural shifts including further advances in technology and readily available recreation and shopping options, and even political polarization.
Now another mall has been reported as suffering related issues prior to a sale. Due to this, some businesses are bailing early.
The specific mall is the MacArthur Center in Norfolk, Virginia.
Let us explore further.
Shopping Malls, 2023
According to a report from WTKR.com, entitled “Tenants Planning to Close-Up Shop Before MacArthur Center is Sold,” said tenants simply are not waiting for what may come next.
As excerpted from the report: Some tenants inside MacArthur Center, the three-floor shopping mall located in downtown Norfolk, are planning to close up shop. JLL Commercial Real Estate listed the property on its website Friday, showing it's up for sale. Wells Fargo currently owns the mall. It took over after the previous owner, Starwood Property Trust, defaulted on a loan in 2019. Since then, Wells Fargo has hired JLL Commercial Real Estate, a commercial real estate broker, to list the property.
The article went on to quote a business owner: “We plan on leaving next month possibly, right before our lease is up," Kyyan Statan, a manager at Roots said.
Foot traffic in the mall has reportedly decreased substantially in recent years, with some locals blaming a series of shooting incidents as other reasons for the business shortfall.
For a complete MacArthur Center store directory, click here.
This is a developing story. As ever, in the event of pertinent updates to the matters discussed herein, I will share them here on NewsBreak.
Thank you for reading.
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