On a bright August morning, GGP Inc., one of the country’s largest mall operators, did the unthinkable. It broke ground on a new shopping mall, a seemingly risky bet in a world where retailers are closing hundreds of stores and malls across the country are trying to reinvent themselves.It could be one of the last enclosed malls ever built in the U.S.
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“We’re not building any more,” said GGP Chief Executive Sandeep Mathrani. “This could be it for a long period of time.”
Other real-estate developers, landlords and analysts agree. “No one is building enclosed regional malls today,”