Will shopping centers even be necessary?
I'll shed some real AZ light on the subject. Fiesta Mall of Mesa, AZ had been dying for over a decade now. It's in the West Mesa area, close to freeways, ASU, MCC, and great neighborhoods like Dobson Ranch and Park Place. Why would such a hot and happening location so close to Tempe and Phoenix be withering away? If you were to take a trip there, you'd be stumped!
You know you're in a mall when you smell pretzels and food court aromas, see teenage kids running around with multiple bags of swag bought with mom and dad's money, and yes, those annoying kiosks where you become the prey of a sales pitch walking within 10 feet of them. Just some months ago I went through Fiesta Mall of Mesa to visit one store, Best Buy, and too many shops were vacant. Darkened retail rooms where some of my favorite shops bustled during my childhood...now empty prisoners of a new economy, eCommerce.
Why did it fail?
Some say it had a lot to do with the area demographics in regards to household income and LIHTC housing. Others moaned it was lacking big shot retailers or better management...amidst all the culprits, we know that Fiesta Mall is not the only victim.
The lack of retail and "big box" stores across the nation are now affecting real estate more than ever, including jobs, communities, and economic behaviors. It's failing because we are more demanding. We want what we want and w want it now! Nothing wrong with it, it's just our behavior in North America. We are all about speed, premium service, and if it isn't free, we are NOT interested!
