The Rise of 'Zombie Malls' Threatens Towns' Tax Revenue

The phenomenon of "zombie malls" is spreading across America, with hundreds of malls suffering from more closed stores than open ones. These older, lower-end shopping centers have lost significant value, causing owners to stop paying mortgages and try to sell. Namdar Realty Group and Mason Asset Management, two New York real estate groups, have become prolific mall purchasers, making money off these struggling properties. Local officials are pleading with them to sell or improve the malls, as communities suffer from declining tax income. This decline in traditional retail is further evidenced by recent data showing a decrease in spending at department stores and an increase in online shopping.