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A look at how shopping malls are faring

Not that long ago, shopping malls were the bustling retail center for communities across Florida and the entire country. Not only did they provide people with the opportunity to shop for multiple items all in one place, they also were a steady source of jobs and a social center, as well. Thanks in large part to the rise of online shopping and social media, the role that malls have played is now dramatically shifting.

According to Bloomberg, many poorer communities are losing their malls altogether. Large department stores such as Sears and Macy’s have recently announced store closures and without these anchor tenants, many malls may not survive. This is despite the fact that overall, the economy is doing reasonably well. Abandoned malls are not only an eyesore, but also a financial drain on many towns as well.

However, at the same time, shopping centers in wealthy areas are flourishing as companies continue to invest in high-end retail. Many of these places are mixed-use developments with not only stores, but also condos, office space and pricey restaurants.

In that vein, Miami may soon be home to one of the biggest malls in the world. According to the Miami Herald, preliminary approval has been given for developers to begin work on the American Dream, which will house an amusement park in addition to a shopping mall with approximately 3.5 million feet of retail space. However, the massive new entertainment center may take customers away from the areas smaller shopping centers, causing them financial strife, opponents argue. Some also cite concerns about the increased traffic that would result from the new center. A final vote is expected to take place on the development in the next few months.

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