Many shopping malls are struggling to avoid foreclosure

| Feb 4, 2020 | Foreclosure |

In Florida and across the United States, online shopping continues to gain popularity. For entrepreneurs who use the internet to market and sell their products and services, this no doubt comes as good news. Shopping mall owners, however, might not be as excited, especially when the threat of foreclosure has become a concern for many of them.

A mall in another state is currently struggling with approximately 30% of its storefronts vacant. There are numerous schools of thought on what has led to a decrease in shopping mall traffic in recent years. Online shopping is undoubtedly a key factor.

However, many analysts also say that the closing of major department stores such as Sears has had a significant negative effect as well. Tough times call for creative thinking and marketing strategies, to be sure. This may be why many shopping mall owners are bringing in movie theaters and amusement park rides in the hope that these types of venues will draw more foot traffic.

The good news is that there are typically various options available to obtain financial relief, whether a Florida business person owns a shopping mall or other establishment. Lenders are often willing to agree to restructured payment plans. Many business owners fall into temporary dire straits, financially, but are able to hold their ground and make a strong comeback by filing for bankruptcy protection. An experienced real estate law attorney who is also well-versed in debt relief issues can offer recommendations and provide support to any shopping mall owner or other business person who is facing financial issues and is worried about possible foreclosure.

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