'I guess I'm just too negative on the thing I'm most negative about ... the future of the mall,' CNBC's Jim Cramer said Monday.
Those two moves — while still not final — along with Simon's acquisition of Taubman run counter to the belief that shopping malls inevitably face continued decline in a period of shifting consumer preference, Cramer explained.
Consumers have increasingly favored buying products online or at strip malls where it is easier to quickly enter, shop and then leave. But some high-end mall operators have found ways to fend of the decline, offering luxury tenants and other amenities to lure in shoppers. "Over the past 10 years ... we have seen the heightened value and improvement of the best centers, and a substantial deterioration of everything else," Taubman COO Bill TaubmanTaubman owns, manages or leases 26 super-regional shopping centers in the U.S. and Asia, including The Mall at Short Hills in New Jersey and the Beverly Center in Los Angeles. The company will continued to be managed by Robert Taubman, its chairman and CEO.
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