One of the greatest challenges facing the regional mall business is the remerchandising of vacant or underutilized Anchor spaces. This is not a new issue in the industry.
The consolidation of the department store business in the 80s and 90s left vacant boxes scattered across the country with many still empty today. The situation is arguably more acute now given the impact of internet shopping (now accounting for 8% of total retail sales) and changing consumer patterns, the proliferation of lifestyle and now outlet centers in once safe trade areas and a challenging operating environment for Sears and other Department Store chains.