Move a store from a suburban mall to a downtown mall or a shopping center?
That’s the catch.
And it can cost a lot.
The U.S. Census Bureau estimates that the cost of moving an office building from the suburbs to a shopping mall or shopping center in the Midwest could range from $6 million to $8 million, depending on where it is.
That makes the cost even higher for moving an automobile, which is a big part of what the city planners at the Urban Land Institute believe is a nationwide trend.
So what is the big takeaway from this?
There’s no such thing as a perfect move.
Move a few blocks from the mall to the mall, and you could end up with a parking lot, a large parking lot or just an empty lot.
Move them to a suburban shopping center, and the whole neighborhood might not look much different.
It also is true that the U.K. has the largest number of parking lots in the world.
But you’d have to move an office from a shopping complex to a retail center to create a lot of parking, and that is going to be expensive.