Amazon Eyeing to turn Malls into Fulfillment Centers

Simon Property Group Inc., one of the largest mall owner in the US, has reportedly been talking with Amazon.com Inc. to turn some of their empty store spaces into Amazon fulfillment centers.

If the deals will go through, the store space formerly occupied by anchor tenants such as J.C. Penney Co. Inc. and Sears Holdings Corp. may be transformed into warehouses usually used by Amazon to store everything, including books, kitchenware, sweaters, and other products.

Based on Bloomberg’s report, the said discussions between the two companies has started even before the Coronavirus pandemic.

These days, especially since the COVID-19 pandemic has emerged, it is no longer surprising that the trend of going to malls is already decreasing. Which is why it’s no longer shocking as well to later on see Amazon in the picture.

According to The Verge, Amazon has reported that it doubled its net profit year over year to $5.2 billion.

Thus, instead of abandoning empty spaces, it may be a better fate for real estate to land on ownership of companies such as Amazon at this point.

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SOURCE

Wall Street Journal (WSJ), Mashable, The Verge, US Today, TechCrunch, Bloomberg

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