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550 S. Andrews Avenue, Suite 400, Fort Lauderdale, FL 33301

Steve Hyatt

(Senior Vice President)

Intro: Welcome to another Berger Bite!

Steve Hyatt: The topic for today is “What is the future of malls in America?”. As you’re probably aware, malls across the country are under siege with multiple large big-box tenants like Sears, Kmart, Macy's, other large big-box retailers that are either going out of business or downsizing. It's not all bad for the mall operator, as multiple times, the property can be right-sized, the mall can be retented with other more viable tenants, and it's not all just about the Amazon effect. People still need to try on clothes; people still need to touch the merchandise. One of the phenomenons we've seen here in South Florida is the malls themselves have downsized their parking lots. They've sold off 10 to 15 acres, mostly to multi-family developers or hotels, looking to build garden-style apartments. We've seen a number of senior centers, senior housing centers that have also gone in because they liked that particular type of amenity being near shopping, for those seniors occupying those complexes. Oftentimes, the mall is able to generate a higher revenue based on these new tenants, as well as being able to sell off and right-size their piece of property. For additional information on retail trends in South Florida, please contact me, Steve Hyatt 9546522005.

Outro: Founded in 1998, Berger Commercial provides client-centric third-party brokerage, property management, and receivership services throughout the Dade, Broward, and Palm Beach counties. Contact us to experience the power of market knowledge. For more Berger Bites, please subscribe to our YouTube channel!

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