The continuing trends towards e-commerce have left many mall owners looking to fill voids left in many cases by tenants who’ve left. A recent article, Malls hope to get back in shape by adding gyms, shows how some mall owners have looked towards adding gyms to replace
Malls hope to get back in shape by adding gyms Malls hope to get back in shape by adding gyms
The number of gym leases in malls has doubled in the last five years, according to commercial real estate information firm CoStar.
Joe Coradino, CEO of Philadelphia-based PREIT, which owns 22 million square feet of retail space in malls across the Northeast and Mid-Atlantic, is actively recruiting fitness companies to fill his malls. Planet Fitness, Orangetheory – big names that draw big numbers back into the mall space.
“People are not just taking up time at the gym here, they’re going to the gym, they’re cross-shopping, they’re buying clothes, they’re dining out, they’re doing things that are more than just working out,” said Coradino.
One great idea for those looking to redevelop old mall properties would be to look at bringing in co-working spaces. The continued trend towards co-working spaces and the growth of companies like WeWork and Industrious, may just make this an excellent play for the savvy mall investor or owner.