Economic experts suggest that nearly 25% of all US malls open today will go out of business by 2023. That’s more than 300 malls out of the existing 1,100 left that will be forced to close their doors in under five years. When you think about the sheer size and scope that the average mall contains, a closed mall is essentially “dead” space. Not only does this aesthetically take away from the local community, but a closed mall represents a loss of revenue and jobs that could also directly impact the surrounding economy. The average mall has approximately 50 to 100 stores that could seamlessly be re-purposed into office space, hospital or medical facilities, or even a complete K-12 school.
The argument could be made to demolish closed malls and use the land for a wider variety of purposes like housing, parks, or mixed-use development, however, the cost to a local community to do this can be expensive. The local or city government would have to purchase the land, pay the cost to destroy the buildings, and then invest more money to rebuild. However, re-purposing the already established space can be a much faster and more logical option, especially for cash-strapped local governments who could benefit from having space to immediately offer community services.
Take, for example, a closed mall in Tennessee that used to be an economic hub for the community. After filing bankruptcy, the city purchased the space and renovated it to house a hockey rink and a satellite campus for their local community college. Or, a mall in Mountain View, California that has been transformed into Google’s headquarters.
Completing an extensive renovation project requires extensive planning and coordination. The skilled interior remodeling contractors at The Beam Team have a proven track record of handling large scale projects for a host of clients. If you are considering re-purposing an existing building or have an upcoming interior remodeling project, give The Beam Team’s experienced contractors a call for a free, no strings attached construction consultation at 630-816-0631.