![]() Despite the slow demise of the department store business that was central to malls’ success when they were being built across the United States in the mid- to late 20th century, these centers still have several upsides. Mall owners know they’re sitting on valuable property. As old anchor stores have downsized, closed or filed for bankruptcy, malls have made space for grocery-store chains, climbing gyms, Covid-19 vaccine sites and dialysis centers in an effort to increase foot traffic and give shoppers a reason to stay longer. Since the internet disrupted consumer shopping habits, malls have been trying to make a case for their existence. “I like to say it’s a dorm for grown-ups,” she said.īut mall owners face challenges, including evolving consumer tastes, zoning changes and local resistance. The strategy builds on the live-work-play communities that are built to accommodate the needs of its residents and have been become popular in the past decade with young adults seeking amenities within walking distance. The combination of malls and apartments is not a new concept, but more landlords across the country are rethinking their use of space in this way. “It’s almost like an ecosystem where the customer shops your retail, the retailers will support the apartments and drive a premium for the apartments.” ![]() Flynn, chief executive of Kimco Realty, the real estate investment trust that owns Westlake. “They’re able to feed off each other,” said Conor C. The strategy, which is being closely watched by retail experts, is expected to increase foot traffic and generate more revenue from the new residents who may be more inclined to shop in their own neighborhood. ![]() ![]() Now comes its latest test: the addition of nearly 400 apartments. Over the past seven decades, it has survived the rise of online retailers, the shuttering of anchor stores and operating restrictions related to the pandemic. The Westlake Shopping Center, which opened in the 1950s in Daly City, Calif., is one of the first modern malls in the country. ![]()
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