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New York Times: "Deep in the Malls of Texas, a Vision of Shopping’s Future"

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"Many malls across America have hit tough times, squeezed by changing demographics and competition from e-commerce, discount stores and newer malls with more diverse offerings. Morningstar Credit Ratings recently called the changes in the industry a 'seismic shift' and warned of more financial pain ahead. Hundreds of department stores, mall anchors for decades, are expected to shut their doors this year.

"Several shopping centers in Texas give a peek into how mall owners and developers are responding. In spots where the shopping activity has slowed, the response is clear: Move away from strictly shopping, and expand the mix to include more restaurants and entertainment, or health care and education. Or, in the case of Valley View Center, start over from scratch.

" 'Dining and entertainment is the new anchor — not Sears, not Macy's,' said Allan Davidov of Misuma Holdings, based in Beverly Hills, Calif., which is transforming two shopping centers in Austin, Tex."

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