Credit Suisse recently predicted that as many as one-quarter of all malls in the United States could close within five years.
As shoppers increasingly turn to online purchasing, traditional brick-and-mortar stores, and in particular, sprawling shopping malls, are struggling. However, those closures could represent a goldmine for people looking for space to build in cities such as Woodland Hills, where plans are being made to redevelop a struggling mall.
In Woodland Hills, Westfield Corporation wants to raze its Promenade, which was built in 1973, and start over. Late in 2016, the corporation revealed its plans to turn the old mall into a mixed-use development featuring offices, housing, a concert venue, and two hotels, as well as restaurants and boutiques. A website shows courtyards, a park, and tree-shaded avenues throughout the site.
If Westfield wins approval, it would connect its two adjacent properties, the Village and the Promenade, at a cost of $1.5 billion. Recently, the former was packed with shoppers, while the latter sat largely empty, with only a book store, several restaurants, and a movie theater in operation. The difference appears to be that the Village is truly a destination shopping experience, while the Promenade is seen as old-fashioned.
Huge projects like this impact many people, and are of general interest. Developers could work with a brochure printing company to create illustrated Booklets for potential tenants, so they can see the new facility.
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