Last year around this time, several publications (including us) ran stories about the death of the American mall.
They were supposed to be a relic from the days of cheap gas, ever-expanding suburbs, and an American consumer with unlimited access to credit.
But that was a premature obituary. Like many different things expected to die during the crisis, things have actually come back nicely.
Investor Bill Ackman — who profited enormously on the way down — remains a super-bull on malls.
The Investment Linebacker blog got a hold of his amazing presentation at the International Council of Shopping centres on the state of mall REITs. We highly recommend checking it out.
One of the big surprises has been the emergence of white-knight buyers, eliminating some expected liquidations.
And some mall tenants ahve really come back from the grave. Check out Bon-Ton, which was left for dead last year.
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