CBL Properties’ Stephen Lebovitz and CBRE’s Rich Frolik explain how malls are being transformed into high-performing, mixed-use assets. From casinos and hotels to pickleball and movie theaters, malls are evolving to meet modern demand.

Key takeaways on the evolution of malls:

·      Malls are transitioning into multi-use destinations, integrating entertainment, hospitality and residential to diversify income and increase relevance.

·      Financing is increasingly accessible for retail assets, with recent deals showing lender confidence and competitive debt structures.

·      Success depends on hyper-local strategies, with redevelopment tailored to demographics, infrastructure and competitive dynamics.

·      Malls in secondary markets benefit from large trade areas and limited alternatives, reinforcing their role as dominant regional retail hubs.

·      Redeveloping legacy anchor spaces into formats that appeal to current customer wants and tastes can unlocks value and enhance long-term viability.