Innovation & Entertainment- The Future of Malls in America

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The future of American malls is in limbo. Since 2016, more than 1,500 stores have been slated to close, including blue chip names like JCPenney, Macy’s, Sears, American Apparel, The Limited, and Abercrombie & Fitch. The trend is nothing new, as customer traffic had started to slow more than a decade ago, causing many large department stores to abandon their leases. As the malls lost their largest revenue generators, they began to fail.

Some department stores are going out of business altogether like The Limited, recently shut down all 250 of its stores. Other stores, like Sears and JCPenney, are aggressively reducing their store counts to unload unprofitable locations. Sears is shutting down about 10% of its Sears and Kmart locations (around 150 stores) and JCPenney is shutting down about 14% of its locations, totaling 138 stores.

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How Rising Sea Levels are Impacting Miami’s Commercial Real Estate Market

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The inconvenient truths of climate change are no longer a minor inconvenience for south Floridians. Sea levels have risen an average of one inch per year in the Miami area– causing a dramatic shift in the local political and real estate climates. Estimates vary greatly on how much sea levels in southeast Florida will rise in the upcoming years. Conservative predictions project as little as two feet, with more comprehensive models projecting as much as six feet by 2060. The Florida Keys, for example, sit just six inches above sea level in some areas, while most of Miami’s prime South Beach real estate sits just four feet above the sea.

Comprehensive models, which were explored in a 2015 study by Princeton and Potsdam University professors, take into consideration established relationships between greenhouse gas emissions and previously unexplored connections between sea warming and sea level increases. The study 2015 effectively illustrates the compounding effect of rising sea levels, a notion prevalent in the science community.

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