Vacancy rates at regional malls across the country have hit a six-year high amid an increasingly competitive retail landscape.
According to , vacancy rates at U.S. regional malls hit 8.4 percent in the first quarter of 2018, up from 7.9 percent in the prior year period.
ӣƵ’ malls have reported similar results.
Taken collectively, ӣƵ’ seven regional malls — Chesterfield Mall, Mid Rivers Mall, Plaza Frontenac, South County Center, St. Clair Square, ӣƵ Galleria and West County Center — are also at a six-year high for vacancy.
At the end of last year, the average vacancy rate for those malls was just less than 11 percent, a figure driven mostly by . But even excluding Chesterfield Mall, area malls are at a six-year high of nearly 7 percent.
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The reasons behind the drop have been well-documented: Consumers are changing their shopping habits and buying more online or at retail locations that offer experiences such as in-store classes or events.
Once one of the region’s most successful shopping facilities, Chesterfield Mall’s previous owner defaulted on the property, which is as the owner and the city of Chesterfield look for a developer to reimagine the facility.
But Chesterfield Mall is not the only one struggling in town.
Tennessee-based CBL Properties, which owns Mid Rivers Mall, South County Center, St. Clair Square and West County Center, has been .
Mid Rivers Mall, South County Center and West County Center, as well as Plaza Frontenac, which is owned by Chicago-based GGP, are all at six-year highs for vacancy rates.

Hula dancers Penny Moskus, (left) and Jane Blakemore, (right) pose for selfie with Dana Chatman of Overland during a "Black Friday Bash" on Friday, Nov. 24, 2017, at West County Mall. Shoppers got leis after entering to win hourly drawings for prizes. Photo by Christian Gooden, cgooden@post-dispatch.com
ӣƵ Galleria, with a vacancy rate of 1.4 percent, is the area’s top performer, and the Richmond Heights mall has seen the most growth in tenancy over the last six years, too.
GGP recently agreed to in a deal valued at $15 billion. The sale price was below analyst estimates and is illustrative of the around the country.
The shift in consumer shopping habits has forced mall operators to change their thinking, too.
“We’ve really changed the types of stores we’re bringing in or the types of uses,” CBL CEO Stephen Lebovitz previously told the Post-Dispatch. “We’re still significantly apparel and that’s a big part of it, but we’re doing more wellness, beauty or fitness — more service options.”
Beyond the Galleria, other bright spots exist, as well.
St. Clair Square and West County are among CBL’s most successful properties, with West County Center being the third-highest performing property in its portfolio.
In all, CBL’s ӣƵ malls saw sales per square foot drop from $385 in 2016 to $380 last year. GGP does not disclose sales per square foot for individual properties.
The two outlet malls in Chesterfield Valley, which have drawn customers away from Chesterfield Mall, remain in competition.
ӣƵ Premium Outlets, owned by Simon Property Group, is nearly 98 percent leased, according to Simon’s latest annual report. Taubman Centers, which owns Taubman Prestige Outlets, does not detail specific property occupancy rates, though its Chesterfield property falls into a category that was nearly 96 percent leased at the end of 2017.

The razing of Crestwood Court on Watson Road in Crestwood continues on Monday, Jan. 23, 2017. The mall is being razed for a planned redevelopment that will include a mixed use of retail and residential properties. The mall was originally developed in 1957. It was the first major mall in the ӣƵ area. Photo by J.B. Forbes, jforbes@post-dispatch.com
Several malls have closed throughout the region in the past decade, including Jamestown Mall, Crestwood Plaza and Northwest Plaza.
Some analysts estimate a quarter of the nation’s roughly 1,200 malls will close in the coming years as retailers shift toward online sales channels, according to a recent report in The Wall Street Journal.