Dying Malls Increasingly Rely On Taxpayer Handouts For Survival

Posted: October 31, 2017 in Uncategorized

Just another symptom of the steady implosion of the US economy. Thanks to austerity cuts, Americans have no money to spend.

peoples trust toronto

America’s dying malls have been a frequent topic of discussion of late as these relics of the 80’s have been forced to convert once valuable high-end retail square footage into grocery stores, libraries and doctor offices just to keep the lights on. Here’s just a small sampling of the recent carnage:

But, as Bloomberg points out today, one other funding source is increasingly emerging as a key financial sponsor in the efforts of commercial REITs to re-purpose their failing assets: taxpayers.

In Brookfield, Wisconsin, for example, the city is using tax-increment financing (TIF), a common tool for municipalities to subsidize development by putting property taxes…

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  1. And just as everything else going down, we don’t have a problem with this. We have no problem subsidizing defunct malls, but will balk at subsidizing needed meals for hungry school children just as we balk at subsidizing dental services for poor children. We’ve got our standards, ya know and doing what’s right is not down to our standards.

    We’ve got one mall where I am now and we shall probably be subsidizing that for something else seeing as how there is only one anchor store left and we don’t even have a JC Penney, Macy’s, Sears and the list is endless. Even McDonalds left the Food Court and when McDonalds leave, you know it’s “Game Over!” The folks here in Hillbilly Hollow are going to have to get ta driving to purchase Christmas gifts this year. HA!

    • To be honest, Shelby, I’m really happy to see them go. I’ve always hated malls – they have always seemed really artificial to me in their determination to create artificial needs. And I always found it really depressing the way the big box retail stores put all the genuine small businesses that met real needs – shoe and appliance repair, knife sharpening, etc – out of business.

      • I am with you on that Dr. Bramhall. When the mall was being built, I was working at JC Penney and we were told that the store would close and re-open in the mall. I threw six fits and stated that I would not be working at the mall and I quit and now three decades later, the malls are going the way of the dinosaurs. Go figure! If I had gone over to the mall to continue to work at JC Penney, and made retail my career choice, I would be out of a job today just as all of those who chose to go there are now out of a job.

  2. How odd to subsidise shopping malls. What about gambling casinos? Do they need subsidizing too?

  3. Norman Pilon says:

    But . . . but . . . the economy is booming! So much so that the Fed has had to raise interest rates to cool an economy on the verge of overheating and boiling over into hyperinflation. Obviously, an accelerating economy is not good for shopping malls. I guess that’s why it has to be reined in?

  4. I hate to break it to you, Norman, but the people who write the BS you’ve been reading are lying to you.

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