Because you have better sense.
Think about it...how do you make money without tenants paying rent?
You don't.
But if tenants pay rent, this is more money in the landlord's pocket.
Cosmo Kramer tax accounting is comedic....not real world.
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The Retail Apocalypse - demise of big retailers and shopping malls
- Thread starter Stevicus
- Start date
Think about it...how do you make money without tenants paying rent?
You don't.
But if tenants pay rent, this is more money in the landlord's pocket.
Cosmo Kramer tax accounting is comedic....not real world.
That's where I become confused on why the new owners seem to chase the old tenants out...
We had two malls locally that this happened with. Neither mall was as robust with business as it was in its height of popularity, but neither was struggling to a point of closing. One went first; a friend was working there at the time and said the new owners set in and doubled the rent. A few stores paid it, but most moved or closed, if not immediately, soon after. Soon, there were maybe 5 stores left.
The other mall went on for awhile, and then the same group bought them up, too. One by one, the shops left, and now there's hardly anything in that mall, either.
Who benefits from this?
We only ditch old tenants when the can't
afford rent that others are willing to pay.
Malls are failing cuz they're not competitive anymore in
this economy. The stores most hurt are the big box
stores...they're the "anchors". They attract traffic that
benefits the smaller stores, & makes'm willing to pay
much higher rent. Without the anchors, the the whole
system falls apart.
That makes sense, but in the case of both these malls, no one moved into replace them.
That's a common problem.
It boils down to being difficult keeping current tenants, & finding new ones.
Shadow Wolf
Certified People sTabber & Business Owner
Merry Christmas is still very common and everywhere. Just give it a few months and you'll see.
There could be many things going on.
One....
A mall owner I know of wanted to knock the property down.
This meant getting rid of all tenants. But one had a long lease
they couldn't break.
Why knock it down instead of trying to fill or re-purpose it?
- High property taxes & other costs on a property that commands insufficient rent.
- Re-develop the site into something much more profitable.