Don’t Be Afraid Of All The New Ghost Malls
Written on January 24, 2011 by Brooke Wardlaw
This revisiting of the world’s largest ghost mall in Dogguan, China has relevance for GLG News readers as a reminder that even in today’s sophisticated world of highly experienced designers and architects, really big mistakes are still being made.
I thought it worth bringing this article to the attention of the GLG reader not just because it is fun to note such a huge error in judgement and financial acumen, but because right here in the US we have several new candidates for the title of the “Largest US Ghost Malls”. that many of the GLG clients are considering investing in as we speak. Take Xanadu for example. I would wager that there are many millions of dollars being considered as potentially ready for investment in what has already been proven to be one of this country’s biggest shopping center fiascos. The addition of Triple % corp out of Canada brings little to the prospects for a successful development that did not exist before. Talk about throwing good money after bad! The sad part is how much of this money is likely to be taken directly from the New Jersey taxpayer.There are several other candidates for the title of the world’s largest ghost mall but thankfully they are all in the Arab world. This does not mean that many of the GLG clients won’t be impacted by the losses generated from these fiascos. Much of the money sunk into the retail stores in these outlandishly overbuilt malls will come from the US. If any of you readers are considering investing in one of these behemoths just because you think they “are too big to fail”, give me a call first.
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