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Understanding Obsolete Retail Space: Challenges and Opportunities
May 19, 2025, 13:27 PM
by
Daniel Diebel
Obsolete (vacant and off the market) retail space has tripled since Q4 2019, affecting retailers, investors and consumers. Large format retail, particularly super regional malls, accounts for 40% of the obsolete space.
Executive Summary:
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- Obsolete (vacant and off the market) retail space has tripled since Q4 2019, affecting retailers, investors and consumers. Large format retail, particularly super regional malls, accounts for 40% of the obsolete space.
- The Midwest has the highest share of obsolete space, while the Northeast has the lowest.
- Landlords have significant leverage in lease negotiations due to limited availability.
- Retailers may find opportunities to acquire their own spaces or invest in redevelopment strategies, such as converting obsolete malls into mixed-use spaces.
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