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The 'Death Spiral' of Malls
It's impossible not to notice the vacancies when walking into a shopping mall in the United States. The New York Times recently reported that 15% of malls are 10%-40% vacant — up from 5% with that range of vacancy a decade ago. However, in comparison, in 2006, 94% of malls had a vacancy rate of 10%. In addition, 3.4% (or approximately 30 million square feet) are more than 40% empty. Taking all of this into account, Green Street Advisors, a firm that tracks the performance of the mall industry, recently said that the increased number of mall vacancies signals the onset of the “death spiral” of malls in the United States.
One of the main causes of this trend has been the bankruptcies, and subsequent liquidations, of many retailers that were household names (Circuit City, Linens & Things, Radio Shack, Borders, etc.) and often a mall's anchor tenants. Some retailers have reorganized around a handful of stronger stores or focused on online operations, but those are exceptions to the rule that the majority of retail bankruptcies since 2005 have resulted in complete liquidations.
Many argue that The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCA) of 2005 sounded the death knell for the reorganization of retailers in bankruptcy. Commentators point to two things: 1) how retail debtors now have to decide whether to assume or reject leases within 210 days (unless the landlord consents to an extension of that deadline); and 2) the implementation of § 503(b)(9) of the Bankruptcy Code, which provides sellers of goods with an administrative claim for “the value of any goods received by the debtor within 20 days before” the bankruptcy filing.
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