South Florida sees boom in retail developments despite department store closures

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OBINSON WILL REMAIN IN JAIL IN VIRGINIA.>>>TONIGHT WILL A TRIP TO THE MALL SOON BECOME OBSOLETE? THE FUTURE OF RETAIL MAY JUST BE IN LIMBO.>>Janine: MAJOR RETAILERS LIKE MACY’S HAVE SEEN SCUTS AND EVEN THE LIMITED IS SHUTTING DOWN SHOPS IN SOME AREAS. TODD TONGEN TAKES A CLOSER LOO>>Todd: ARE WE SEEING THE DEATH OF THE AMERICAN MALL? ALREADY THIS YEAR, THE NATION’S LARGEST DEPARTMENT STORE OPERATOR MACY’S ANNOUNCED EATS CLOSING 68 STORES. LEGACY BRAND SEARS IS IN TROUBLE CLOSING 42 STORES. ONCE DISCOUNT KING KMART SHUTTERING A WHOPPING 108 STORES AND RETAIL COUNTER KOHL’S HAS ALREADY CLOSED 18 STORES.>>MALLS AREN’T WHERE PEOPLE ARE SHOPPING ANYMORE. EVERYTHING HAS MOVED ONLINE, AND YOU KNOW THE NEW DEMOGRAPHIC TODAY ST. ISN’T LOOKING TO GO AND WALK THROUGH A MALL.>>Todd: BUT THE RETAIL WRECKAGE CANNOT BE ENTIRELY BLAMED ON ONLINE SALES 85% OF RETAIL SALES ARE STATELY BRICK AND MOREAR SITES BUT WITH SO MANY BIG STORES IS DOWN SIZING WHY IS FLORIDA TEEING STEGE A BOOM IN RETAIL DEVELOPMENTS? THE OLD PLANTATION FASHION MALL IS BEING DEMOLISHED AND REPLACED WITH A $300 MILLION, 73,000 SQUARE FOOT MIXED USE RETAIL ENTERTAINMENT DESTINATION. THE OLD DANIA BEACH HURRICANE COURT OF COMPLETELY KNOCKED DOWN TO BUILD AN $800 MILLION SHOPPING AND ENTERTAINMENT COMPLEX CALLED DANIA POINT.>>IT IS WE BELIEVE THE LARGEST PRIVATE INVESTMENT WEEK THE LARGEST ECONOMIC DEVELOPMENT PROJECT IN MIAMI-DADE COUNTY HISTORY.>>Todd: AND THEN THERE’S THE AMERICAN DREAM MIAMI, A $4 BILLION, 200-ACRE RETAIL, ENTERTAINMENT THEME PARK PROPOSED FOR NORTHWEST MIAMI-DADE.>>THESE NEW MALLS AREN’T TRADITIONAL MALLS LIKE WE KNOW IN T PAST. THEY’RE ENTERTAINMENT COMPLEXION. THEY’RE PLACES FOR PEOPLE TO INTERACT, PEOPLE TO EAT AND SHOP.>>>THE SO WHAT HAPPENS TO THE TRADITIONAL MALLS? WILL THEY SERVE IS.>>IN I THINK IN TEN MALLS EVERY MALL WILL LOOK COMPLETE DIFFERENT IN SOUTH FLORIDA. YOU’RE GOING TO START IS TO-TO-SEE ALOFT RESTAURANTS. REFACING OF THE MALLS FACING THE STREETS ARE GOING TO LOCK MORE RETAIL AND SOCIAL ORIENTED.>>Todd: IN FACT, SEARS WANTS TO DOWNSIZE IT IS STORE HERE AT WEST PFEIL MALL. THE MALL SEES THAT AS AN OPPORTUNITY TO RENOVATE AND SO THERE’S PLANS TO TURN THE NORTHERN END OF SEARS WHERE THE AUTO CARE CENTER IS INTO OUTDOOR RESTAURANTS AND RETAIL. SO EXPERTS BELIEVE THE AMERICAN MALL MAY BE DEAD, BUT A WHOLE

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