Retail: Malls Being Mauled

     The collapse of J.C. Penny is just the front car in the retail train, pulling others along with it. When it and other anchor stores leave Malls, the entire retail landscape is disrupted:

“We don’t expect that we are going be heading back to all the same malls that we’re used to going to,” Michael Petrivelli, of real estate data analytics firm CoStar Group, said of the national landscape. “Probably there is going to be a lot of repurposing of retail property for office, multi-family (housing) or even last-mile distribution.”
CoStar estimates U.S. retailers missed $7.43 billion in rent payments in April, more than 45% of the total rent due. Only 25% of stores in malls paid rent that month, per CoStar’s analysis, the worst rate in the retail industry. The three-quarters of stores that did not pay owed a combined $1.34 billion for the month.

                                                                                                 From a story in The Denver Post

     That's what happened to the Montgomery Mall.

     The anchor stores left first, followed one by one by...everything else. And it has been repurposed. At one end it is now a combination Montgomery Police & Fire station. 

     At the other end, a new location for a public school. The middle is slowly being leased as well.