The Real Deal Miami

New malls lack tenants

July 17, 2008 05:09PM

As the retail industry boomed, developers began to build “lifestyle centers,” or open-air malls with fountains, cafes and small parks. But now, many retailers are canceling their expansions, leaving developers in a bind. Last year, developers put up 37 lifestyle centers with a total of 12 million square feet. Many planned projects aren’t making it off the ground, but centers already in construction stages are going to have a rough time finding tenants.