The vacancy hit the worst level in history
The existence of exhibitions, entertainment and events gradually helped increase mall visitation. More people and retailers returned to the malls. However, this has yet to impact occupancy costs particularly for malls that are still registering low occupancy. In addition to that, an unstable economic projection continues to put pressure on retail businesses. Fuel hikes very likely will have a domino effect on increasing production and operational costs. The increasing costs will have an impact on goods prices and very likely will decrease purchasing power.
The pandemic is getting under control. However, landlords should still focus on health protocols and ensure that malls are safe for activities and visitation when things return to normal. It is suggested that mall owners revamp their malls, including tenancy mix, and updating interior and building facades to be more attractive and lure more visitors.
