Massive Carolina Mall in Serious Financial Trouble
The 80s rushed in a run of massive malls. They had it all. Food, clothing even teen pop stars performing at center court. It seems as though this may be coming to an end. A massive Carolina Mall is in serious financial trouble. This is just one of the many across the nation that have seen declines in shoppers and revenue.
Charlotte Business Journal says Carolina Place Mall is having trouble keeping its doors open. They are in default on a $149 million loan. The huge mall also missed a major payoff. The value of Carolina Place Mall has dropped significantly over the last few years.
Chuck McShane, CoStar Group’s Director of Market Analytics for the Carolinas says there’s a general trend of shopping closer to home. Enclosed malls with surface parking and department store anchors are going to struggle without some type of differentiator, such as adding entertainment or luxury goods.
There are plenty of malls that have been suffering in the last few years with the rise in online shopping as well. I feel like since there are so many other ways for people to buy the things they need without having the hassle of going to a mall, then who needs a mall? I think it’s going to be a long road to bring the mall back to life and it’s going to be difficult.
Carolina Place Mall now joins Northlake Mall as another local mall in default. The increase in crime is also playing into the loss of customers. We have seen a lot of uptick in shooting and fighting incidents that have occurred in the Charlotte area over the last few months. Hopefully, they will get that cleaned up and the shoppers will return.
North Carolina Town Voted One Of Best Small Towns For Shopping
