“How the holiday season goes could make or break whether retailers on the brink of bankruptcy are forced to liquidate,” said Vince Tibone, a retail analyst at commercial-property data firm Green Street. “Black Friday is not going to be the giant in-person shopping event that it has been in prior years.”
It’s not just the stores that face challenges. Like many new shopping centers, American Dream was designed around experiences, including an indoor ski slope and a water park. Those perks, which are open under limited capacity and health protocol restrictions, don’t hold the same appeal in the age of Covid-19.
The stakes are high. The Ghermezian family, which owns the mall through its Triple Five Group real estate company, borrowed billions to complete the project, using prized assets in the retail portfolio as collateral. Almost $1.7 billion of construction loans were backed by equity interests in West Edmonton Mall