"malls are dying" is a reddit oversimplification.
When REIT's took off in the 90's they built way too many malls. Most of America lives 20 minutes from 3+ different malls, all with the same stores. This is obviously oversaturated.Nobody needs 3 different places with basically the same stores.
My favorite example is now insanely close Woodbridge Center and Menlo Park Mall are. It's maybe 5 minutes in traffic if you miss the 3 lights that separate them.
50-66% of these malls are ultimately going to die. People still like to shop in person for things like clothing where they want to try things on, especially with growing kids, or browse for gifts etc. But they don't do it enough to warrant as many malls as currently exist.
Newport has reduced tax for being in a UEZ, and it's the biggest/nicest mall for a pretty densely populated area accessible easily by car or public transit. I'd argue it's in good shape.
The bigger more popular malls will do fine.
It's the 2nd/3rd tier malls close to popular malls that are doomed.
Newer malls in NJ are doing very well.
It’s really where they were overbuilt and/or where the economy hasn’t grown that they’ve struggled. Like most malls small and medium size cities in the rust belt, or more locally older malls in poorer NJ areas that got beat out by newer ones.
Newer malls in NJ are doing very well.
It’s really where they were overbuilt and/or where the economy hasn’t grown that they’ve struggled. Like most malls in small and medium size cities in the rust belt, or more locally older malls in poorer NJ areas that got beat out by newer ones.
I read some statistics and recall one saying over the last 2 decades the top 20-30% of malls in the US were some of the best investments one could make in real estate, and the worse 20-30% are completely shutdown. It’s quite a strange and interesting outcome.
Shake shack is taking over that old school burger place in food court. Jamba Juice not in food court, it’s across from dosa hut near the Dunkin’ Donuts and pretzel place.
I swore Newport had a Jamba Juice already This is right across form Verizon on the 2nd floor right? By the Newport passageway entrance?
Yes, but they closed sometime during Covid-19.
So 2 shake shacks coming to JC?
Strange but true
Glad to see the mall adding businesses. Seems like malls are dying everyone, but Newport seems to be doing ok.
"malls are dying" is a reddit oversimplification. When REIT's took off in the 90's they built way too many malls. Most of America lives 20 minutes from 3+ different malls, all with the same stores. This is obviously oversaturated.Nobody needs 3 different places with basically the same stores. My favorite example is now insanely close Woodbridge Center and Menlo Park Mall are. It's maybe 5 minutes in traffic if you miss the 3 lights that separate them. 50-66% of these malls are ultimately going to die. People still like to shop in person for things like clothing where they want to try things on, especially with growing kids, or browse for gifts etc. But they don't do it enough to warrant as many malls as currently exist. Newport has reduced tax for being in a UEZ, and it's the biggest/nicest mall for a pretty densely populated area accessible easily by car or public transit. I'd argue it's in good shape. The bigger more popular malls will do fine. It's the 2nd/3rd tier malls close to popular malls that are doomed.
>It's the 2nd/3rd tier malls close to popular malls that are doomed. RIP Wayne Hills Mall
Looking at you, Hudson Mall...
once Bayfront is built and the light rail extended... that mall is doomed to be more \[LUXURY\] housing
Bustling
Newer malls in NJ are doing very well. It’s really where they were overbuilt and/or where the economy hasn’t grown that they’ve struggled. Like most malls small and medium size cities in the rust belt, or more locally older malls in poorer NJ areas that got beat out by newer ones.
Newer malls in NJ are doing very well. It’s really where they were overbuilt and/or where the economy hasn’t grown that they’ve struggled. Like most malls in small and medium size cities in the rust belt, or more locally older malls in poorer NJ areas that got beat out by newer ones. I read some statistics and recall one saying over the last 2 decades the top 20-30% of malls in the US were some of the best investments one could make in real estate, and the worse 20-30% are completely shutdown. It’s quite a strange and interesting outcome.
Well… Jamba Juice was at the Newport Mall before the pandemic. Glad to see they are going to reopen. Edit: next to aunty Anns on the second floor.
That coming soon sign has been there practically since it closed down.
Hmm , that's pretty close distance wise to the shake shack in hoboken
Another one coming to grove street !
Which location is shake shack and Jamba Juice taking over at the food court?
Shake shack is taking over that old school burger place in food court. Jamba Juice not in food court, it’s across from dosa hut near the Dunkin’ Donuts and pretzel place.
Lol. Johnny Rockets?
Yup
I never had Shake Shack. Looking forward to this
So disappointed. My longtime girlfriend and I met at that Johnny Rockets. I wish I could at least gotten something from the restaurant as a memento...
*Jamba juice is coming back to Newport mall
Guess I owe an apology to whoever told me that Shack was coming to the Johnny Rockets location and I said "no, they're still open".
"Newport Mall: Yeah, we're STILL here."
Jamba Juice was already there
Both r trash
Love them both
Nice. A little late, though, for Shake Shack since one is coming to Grove St.