- Crystal Mall in Connecticut, once valued at $153 million, recently sold for just over $9.5 million in a foreclosure auction.
- Changing shopping habits, competition from other retail, and the rise of online shopping have caused the value of regional malls in America to deteriorate.
- About a fifth of all malls financed through commercial mortgage-backed securities are underwater.
- Older, low-end malls have declined in value by at least 50% since 2016.
- Department store closures have accelerated the decline of malls.
Local Malls, Stuck in ‘Death Spiral,’ Plunge in Value
Crystal Mall in Connecticut sold for $9.5 million, a fraction of its previous value, exemplifying the decline of regional malls in America due to changing shopping habits and online competition.