How to build a giant shopping mall
A mall built in one week is a different kind of building than a mall built a few months ago, says a new report.
The mall’s popularity has gone through the roof since Walmart opened its doors on January 8, according to a report in the Journal of the American Association of University Women.
The study, conducted by the National Retail Federation (NREF), surveyed retailers, developers, and analysts in the United States.
Its conclusions are somewhat contradictory.
Walmart’s new facility is the biggest mall in the country, according the report, but it is also the most expensive.
The mall’s price tag has skyrocketed from $1.8 billion to $6.2 billion.
Its $7 billion construction budget is the largest in the nation.
The NREF, which includes the National Association of Realtors (NAR), the National Assn of Realty Professionals, and the National Realtor Federation, is the trade group for the real estate industry.
The report said the mall’s “gross margin of profit per square foot” (GPCF) is a whopping $6,000 a square foot.
That’s a staggering price for such a small space.
“It’s a very large, expensive space,” says Michael J. Lichtman, the author of the report.
Lighman is also an associate professor at the School of Architecture and Planning at Duke University and an adjunct professor at Boston College.
The total cost of the mall was $1 billion, including $1 million in private investment.
It’s been estimated that a mall can generate as much as $3 billion in new economic activity per year.
“We have seen very big growth in mall-building in recent years,” Lichtmans co-author, Eric Binder, told the Journal.
The authors also found that the mall has “showed a clear ability to attract and retain customers who have been moving out of retail.”
That’s because it is “very, very popular,” says Binder.
In the past decade, mall-builders have invested a combined $1 trillion in the construction of shopping centers and convention centers.
The most popular mall in America is in Georgia.
The average square footage of the Walmart Center Mall in the Atlanta suburb of Clayton is over 4,000 square feet, according NREL.
“In the past few years, there has been a clear shift away from traditional shopping malls,” says Licht, who also heads the Center for Urban Design and Urban Policy at New York University.
The Mall of America is just one of many malls in the U.S. that are being built and redeveloped.
According to the Journal, malls in Georgia, California, and Illinois are all adding large stores and new services.
There are more than 40 malls in New York City alone, and they are mostly in urban areas.
According the report’s authors, “It appears that these are the first real signs of a growing mall-industrial complex.”
The mall-industry boom is also occurring in places like Europe, where there is a similar surge in shopping centers, and in places where retail is still a small part of the economy.
“We’re seeing a big shift from the traditional retail economy to the shopping economy,” Lighs says.
“The trend is towards malls.”