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CNBC
10 hours ago
- Business
- CNBC
The new American shopping mall is less Macy's, more church, bowling, Barnes & Noble
The Dayton Mall has been a shopping staple for residents of Dayton, Ohio, since it opened in 1970. The once-prospering mall, like many, has faced hard times with increased vacancies, exacerbated by the closing of two anchors, Sears and Bon Ton, in 2018. As a result, the mall was put into receivership, where it remains. But the 162,000-square-foot former Sears space was sold to a local church, Crossroads, which has transformed 90,000 square feet of the former store into a house of worship and community hub with a traditional indoor entrance to the rest of the mall. "Nothing says dying mall like having a church move in," said Rebecca Maguire, marketing manager of the Dayton Mall. "But Crossroads has a huge following, and they are so community driven that I think any mall in the world would be lucky to have a partner like that." It's fair to ask if a struggling mall is the right place for a church, and Matt Castleman, the pastor of Crossroads Church in Dayton, said the religious organization had its own reservations. "People were asking, is chaining yourself to a mall wise?" said Castleman. The church, part of an eight-church network based in Cincinnati, celebrated its first services on this year's Easter Sunday and has drawn thousands to the once moribund mall. The church also decided to keep the complex open seven days a week, whenever the mall is open. "We have 400 to 500 people a week pop in who have no affiliation to the church," Castleman said. Teenagers fan the mall after services to eat at the food court and show back up at the church with bags from stores like Claire's and Dick's Sporting Goods, Castleman said. Of course, Claire's bankruptcy filing this week is one more sign of how the hard times for long-time mall tenants are not going away. But filling old anchors with new, niche businesses or destinations, like in the case of the Dayton Mall with its new church tenant, is precisely the type of "cross-shopping" mall landlords are seeking. While a church is the unconventional salvation of the Dayton Mall, other malls are also finding out-of-the-box suitors to fill big empty spaces. The fall of the American mall has long been chronicled, and not exactly greatly exaggerated. Enclosed malls with anchor stores, a bustling food court, and a stable of trendy fashion retailers sandwiched between were the centerpiece of post-WWII suburbia for generations. However, changing demographics, shifting shopping habits, and the rise of Amazon and e-commerce all contributed to the decline of malls. But recent data and industry executives suggest that the enclosed mall could be positioned for a rebirth. The trend of repurposing empty anchors, which in some cases began a decade ago, took a long time to bear fruit, said Stephen Lebovitz, CEO of CBL Properties, one of the largest mall landlords in the U.S. with more than 155,000,000 square feet of mall space. "We have had a rebound and built a lot of positive momentum. These projects to backfill anchors don't happen overnight," Lebovitz said. And even when the old anchors were filled relatively quickly, it can take time to break through to customers. "It has taken several years to recover from anchor closings in 2017-2018," Lebovitz said, referring to a wave of anchors that closed that year. The past decade has seen traditional anchors like Macy's, JCPenney, and Sears shutter. Lebovitz said the key to success is subdividing formerly sprawling anchor stores into niche players that all draw in their cross-shopping constituencies. There are former Sears' locations in the CBL portfolio that were generating $7 million to $8 million a year, with newly filled, subdivided ones bringing in a combined five to six times that amount, according to Lebovitz. A variety of different businesses are filling those voids, from restaurants like The Cheesecake Factory, to large retailers like Dick's Sporting Goods, entertainment options like Dave & Buster's, or hotels. Lebovitz said that mall developers are also trying to add more experiential categories, such as games, bowling, and laser tag. Other mall owners are taking it even a step further, converting old stores into things like apartments or large food courts. Brookfield Properties, another major mall landlord, is seeing similar success from the same playbook. Brookfield's mall portfolio is more upscale, insulating it from some of the retail turmoil, but they've still had to repurpose some anchors (or "reprogram the box" in industry parlance). "Gen Z loves the mall; they love the experience of the mall and being in person with each other at malls," said Kirsten Lee, executive vice president of luxury leasing at Brookfield Properties. Lee points to the post-Covid experience as a turning point when people sought out old comforts like the mall. "People are seeing the shopping center as a community space," Lee said. To lean into that, Brookfield's Tyson's Galleria, for example, has added a bowling entertainment complex and yoga studio to the mix. That has helped to increase the amount of crossover shopping, Lee said, with customers who may hit the lanes for some games of bowling and then go look for a new shirt. Recent data from shows that the positive mall vibes from owners are more than just corporate cheerleading, with a tangible increase in traditional enclosed mall traffic. R.J. Hottovy, head of analytical research at agrees with mall owners that the changes made to anchors over the past few years are finally taking hold. "It takes time," Hottovy said, adding that open-air "lifestyle centers" were the first to adopt mixed-use strategies successfully. "Now we are starting to see enclosed malls do it." Hottovy credits much of the success to non-traditional anchor selections, with malls incorporating a variety of tenants into their mix. For the 2024 holiday season, mall visits were ahead of retailers, Hottovy said. People were going to malls for reasons other than shopping, including seasonal events, restaurants, and movie theaters. In some cases, Hottovy said, the malls are experiencing a "Barnes & Noble" effect even when it isn't a formal anchor. At the Coronado Center mall in Albuquerque, New Mexico, Barnes & Noble accounted for 7.9% of visits to the mall in 2024, outperforming both Macy's and JCPenney. Barnes & Noble has approximately 660 stores throughout the United States, with 107 of them located in traditional enclosed malls. "Malls are absolutely places we are interested in being a part of," said Jason Stryker, head of real estate and development for Barnes & Noble, which has been lauded for its turnaround. The company is considering adding 10 more enclosed mall locations this year and is actively exploring approximately a dozen now-vacant Forever 21 sites, which are often sprawling and sometimes two stories high, making it a good fit for a Barnes & Noble layout, Stryker said. Stryker says the bookseller aims for a store in the 18,000 to 22,000 square foot range so that an old anchor is often carved up among niche retailers. "We like to be around stores where people will cross-shop," Stryker said, adding that Barnes & Noble can be especially appealing to malls because "We really don't compete with any other retailer there." Developers point to something intangible that malls capture, nostalgia, and they may be onto something. "Most Gen X and millennials spent their adolescent years making memories in malls – going to the food court with their friends, smelling all the lotions or perfumes at a store, or just generally hanging out chatting," said Dr. Vassilia Binensztok, a Florida-based licensed mental health counselor and the founder of Juno Counseling and Wellness, a group psychotherapy practice. "For many people, going to the mall can make them feel more like themselves as it evokes memories of those younger days," Binensztok said. Meanwhile, the coffee and free WiFi will continue to flow at Crossroads Church at the Dayton Mall while other malls look to unconventional anchor tenants. "We want life, business, money, and energy to surge back into the mall," said Castleman.
Kuwait Times
01-08-2025
- Business
- Kuwait Times
Tariffs are making US ‘great & rich' again, says Trump
US takes in $87 billion from tariffs in H1 2025 WASHINGTON: US President Donald Trump said Thursday that the sweeping tariffs he has imposed on nations around the world were making the country 'great & rich again' as governments raced to strike deals with Washington less than 24 hours before an August 1 deadline. 'Tariffs are making America GREAT & RICH Again,' he wrote on his Truth Social platform. 'ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST' COUNTRY ANYWHERE IN THE WORLD,' he added. A day earlier, the US President imposed new tariffs to punish or favor several major trading partners—the latest round of sweeping measures that have roiled markets around the world. South Korea squeezed in at the last moment, securing agreement on a 15 percent tariff for exports to the United States—significantly below the 25 percent that Trump had earlier threatened to introduce. But Trump also announced crippling 50 percent tariffs on Brazil and a 25 percent levy on Indian exports, while warning Canada it would face trade repercussions for planning to recognize a Palestinian state. The 15 percent rate on Seoul—Washington's key security ally—was equivalent to levies determined from US trade deals with Japan and the European Union. MUMBAI: A broadcast screen of the Bombay Stock Exchange (BSE) is pictured in Mumbai on July 31, 2025, which shows India's exports with Russia while depicting news of US President Donald Trump unveiling sweeping new trade tariffs. -- AFP He added that South Korea had committed to investing $350 billion in the United States, as well as the purchase of '$100 billion worth' of liquefied natural gas (LNG) or other energy sources. Seoul's presidential office said tariffs on automobiles—one of Seoul's key exports—would also stay at 15 percent. Trump hit Brazil with high tariffs as well as sanctions against the judge overseeing a trial of his far-right ally Jair Bolsonaro, who is accused of attempting a coup in Latin America's biggest economy. But he delayed its implementation from Friday to August 6, and crucially exempted many products from the prohibitive levy, including orange juice, civil aircraft, iron ore and some energy products. The United States took in more revenue from tariffs in the first six months of 2025 than it did in all of 2024, according to data from the US Treasury compiled by AFP. The more than $87 billion in tariff revenue taken in through the end of June, compared with $79 billion collected in all of 2024, according to the latest monthly data published on Wednesday. Since his return to the White House US President Donald Trump tore up the US post-WWII economic policy playbook of favoring free trade, slapping tariffs on trading partners and on certain products like steel. The US has subsequently reached deals with a number of countries that will see considerably higher tariffs apply than were in place, but for the most part also considerably lower than the highest rates that Trump threatened to impose. The previous peak in tariffs was recorded in 2022 at $98 billion. In June, tariff revenue came in at $26.6 billion, almost four times the amount collected in January. Trump said Thursday that sweeping tariffs he has imposed on nations around the world were making the country 'great & rich again' as governments raced to strike deals with Washington less than 24 hours before an August 1 deadline.-AFP
NDTV
31-07-2025
- Business
- NDTV
US Takes In $87 Billion From Tariffs In First Half Of 2025
The United States took in more revenue from tariffs in the first six months of 2025 than it did in all of 2024, according to data from the US Treasury compiled by AFP. The more than $87 billion in tariff revenue taken in through the end of June, compared with $79 billion collected in all of 2024, according to the latest monthly data published on Wednesday. Since his return to the White House, US President Donald Trump tore up the US post-WWII economic policy playbook of favouring free trade, slapping tariffs on trading partners and certain products like steel. The US has subsequently reached deals with a number of countries that will see considerably higher tariffs apply than were in place, but for the most part also considerably lower than the highest rates that Trump threatened to impose. The previous peak in tariffs was recorded in 2022 at $98 billion. In June, tariff revenue came in at $26.6 billion, almost four times the amount collected in January. Trump said Thursday that sweeping tariffs he has imposed on nations around the world were making the country "great & rich again" as governments raced to strike deals with Washington less than 24 hours before an August 1 deadline. "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE "HOTTEST" COUNTRY ANYWHERE IN THE WORLD," he wrote on his Truth Social platform. The deals that the US reached with trading partners will also go into effect on August one, as will a 50 per cent levy on copper imports. For around 80 countries, including the 27 members of the European Union, rates of between 11 and 50 per cent are set to come into force.
Time of India
31-07-2025
- Business
- Time of India
US takes in $87 bn from tariffs in first half of 2025
The United States took in more revenue from tariffs in the first six months of 2025 than it did in all of 2024, according to data from the US Treasury compiled by AFP. The more than $87 billion in tariff revenue taken in through the end of June, compared with $79 billion collected in all of 2024, according to the latest monthly data published on Wednesday. Explore courses from Top Institutes in Please select course: Select a Course Category Others healthcare Artificial Intelligence Degree Healthcare Leadership Management MCA Digital Marketing Product Management MBA Design Thinking others Data Science Data Science Technology PGDM Data Analytics CXO Project Management Operations Management Cybersecurity Public Policy Finance Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Since his return to the White House US President Donald Trump tore up the US post-WWII economic policy playbook of favouring free trade, slapping tariffs on trading partners and on certain products like steel. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like La Paz: Modern 2-Bed Senior Houses - Take A Look Inside! Senior Living | Search Undo The US has subsequently reached deals with a number of countries that will see considerably higher tariffs apply than were in place, but for the most part also considerably lower than the highest rates that Trump threatened to impose. The previous peak in tariffs was recorded in 2022 at $98 billion. Live Events In June, tariff revenue came in at $26.6 billion, almost four times the amount collected in January. Trump said Thursday that sweeping tariffs he has imposed on nations around the world were making the country "great & rich again" as governments raced to strike deals with Washington less than 24 hours before an August 1 deadline. "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE "HOTTEST" COUNTRY ANYWHERE IN THE WORLD," he wrote on his Truth Social platform. The deals that the US reached with trading partners will also go into effect on August one, as will a 50 percent levy on copper imports. For around 80 countries, including the 27 members of the European Union, rates of between 11 and 50 percent are set to come into force.
Time of India
31-07-2025
- Business
- Time of India
Donald Trump tariffs: US revenue hits record high in 2025; earns $87 billion in first-half
Donald Trump tariffs (AI image) The United States has collected more tariff revenue in the first-half of 2025 than in all of last year, signalling a dramatic rise in income driven by President Donald Trump's aggressive trade policy. As per news agency AFP, the US treasury recorded more than $87 billion in tariff revenue through June, surpassing the $79 billion collected in the entirety of 2024. June alone brought in $26.6 billion in tariffs, nearly four times the amount recorded in January. The figures reflect the sharp escalation in duties introduced since Trump returned to office and began dismantling the US's post-WWII free trade playbook. Trump's administration has struck several trade deals with other countries that include tariff rates significantly higher than previous levels. However, they remain below the maximum figures that were initially threatened. Starting August 1, new tariff rates of between 11 and 50 per cent are set to take effect for around 80 countries, including the entire European Union. The same day will also see a 50 per cent levy on copper imports come into force. Trump praised the impact of his tariff strategy on social media, claiming it had revived the country's fortunes. 'One year ago, America was a dead country; now it is the 'hottest' country anywhere in the world,' he posted on Truth Social. He further declared that the tariffs were making America 'great & rich again' as global governments rushed to finalise trade agreements ahead of the deadline. The sharp rise in tariffs is already having a visible impact on prices across the US economy. According to news agency AP, the Federal Reserve's preferred inflation gauge rose to 2.6 per cent in June, up from 2.4 per cent in May. Excluding food and energy, core prices were up 2.8 per cent compared to the same period last year. The Fed, which left its benchmark interest rate unchanged at 4.3 per cent last week, expressed caution about cutting rates too soon. Chair Jerome Powell noted that it could take time to assess whether the price rise is temporary or more persistent. On a monthly basis, overall prices and core prices each rose 0.3 per cent. The biggest increases were seen in imported goods: furniture rose by 1.3 per cent, appliances by 1.9 per cent, and computers by 1.4 per cent in June. Meanwhile, gas prices increased by 0.9 per cent and grocery costs by 0.3 per cent. Despite the solid GDP growth of 3 per cent in the second quarter, American consumers remained cautious. Consumer spending rose by just 0.3 per cent from May to June, with inflation-adjusted growth at a marginal 0.1 per cent. The commerce department reported that year-to-date consumer spending has remained sluggish, with only a 1.4 per cent annualised increase in Q2. As per AP, some services saw price drops, such as hotel stays, which fell 3.6 per cent in one month, and airfares, which declined 0.7 per cent. However, the impact of higher import costs on goods continues to dominate inflation trends. The new tariff rates, coming into effect next week, are expected to further shape consumer behaviour and inflation metrics in the months ahead. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
