May 9, 2016
Who Said Malls Are Dead? Not This CEO
I think the country needs to have 700 to 800 malls, just like it needs to have 30% less shopping centers and 30% less power centers and 30% less outlet centers. I think the country needs 30% less of everything. - General Growth Properties (GGP) CEO Sandeep Mathrani
30% less of everything?
Does the country need 30% fewer retail trade jobs? There are currently 15.9 million of them. 30% would be 4.8 million.
I wonder what mall traffic would look like with 200,000 fewer retail trade jobs each and every month for two years.
I also wonder how many other jobs would be lost in sympathy. And let's not forget what it might do to housing, the loans associated with housing, and the banking system, again. In other words, there might be some serious "collateral" damage (pun intended).
Why does he sound so optimistic about the future and yet I do not? I guess it shall remain a mystery of the unknown.
Chicago, a man is about to get on a routine flight. Suddenly, he pauses. He doesn't know why, but he's got to walk away. An hour later, the plane goes down in flames. It's dismissed as chance.
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