Over the years, writers have spilled pages of ink discussing the decline of the American mall. Yes, the mall of yore has been kneecapped — 228 malls in the US have closed their doors since the turn of the century, leaving 1,141 still surviving today, according to analytics firm Green Street Advisors. Many of the buildings have been abandoned, repurposed or even bulldozed. 

But sometimes the parts are worth more than the whole. The concept of malls may be worn out, but even in 2024, malls live on in our consciousness, in our behaviors, and in our brokerage accounts. Whether they’ve gone up or down, mall companies have some of the most interesting stock-market stories to tell, ranging from GameStop to American Eagle to Barnes & Noble to Crocs. 

So we decided to pick up a few of our friends, grab lunch at Panda Express, and head to the escalator for a fun tour through the most interesting companies in mall lore. So get in loser, we’re going shopping.

Smells like teen spirit

Back in 2005, Abercrombie & Fitch was at the top of teen retail, with its signature distressed denim and iconic moose-emblem polos and sweaters. Alongside its Cali-based sister brand Hollister, Abercrombie posted double-digit sales growth, bringing in $2.7 billion that year. 

Abercrombie wasn’t just selling clothes — it was selling a lifestyle. Shirtless models with washboard abs greeted shoppers at the door, dimly lit stores blasted pop hits, and its signature fragrance created an air of exclusivity. 

But by the mid-2010s, Abercrombie was on the verge of obscurity. Sales tanked as backlash grew over its exclusionary advertising and hiring practices. Lawsuits piled up over allegations of racial and size discrimination and its strict employee “look policy.”

In 2005, American Eagle was flying high, hitting over $2 billion in annual revenue for the first time as teens flocked to its signature knits and jeans. But the real game-changer came in 2006 with the launch of Aerie, its intimates brand. Targeting the 15- to 25-year-old crowd, Aerie became a trailblazer for body positivity, ditching the airbrushed look of competitors like Victoria’s Secret in favor of celebrating real bodies — stretch marks, scars, and all.

Today, American Eagle is still a cornerstone of mall fashion, consistently ranking among the top brand picks for teens over the past five years. The brand has embraced digital innovation to keep pace with its tech-savvy, younger audience, from launching augmented reality try-on tools to investing in fulfillment centers for super-fast delivery.

Department stores retool

Department stores have long been the anchor of American malls — and conveniently the best spot to park your car. But with more retailers in the mix and the rise of online shopping and speedy delivery options, the legacy brands have struggled to return to their Y2K glory days. 

Shares of Macy’s, Nordstrom, and Kohl’s (the only notable department stores that are still publicly traded) have lost over half their value since the peak 2000s. In fact, major department store chains now make up less than half of mall anchors today.

The food court was an unexpected brand incubator

Malls’ food courts weren’t just the spot to grab an oily slice of Sbarro. They were also an important brand incubator for companies like Chick-fil-A, Auntie Anne’s, and Orange Julius.

Check out our full feature on how brands evolved out of the mall food court, written by restaurant guru Adam Chandler.

Bookstores found themselves in a bind

Once a prime spot to grab a coffee, couch, and the latest bestseller, mall bookstores were a staple of the ’90s and 2000s shopping experience. For years, Barnes & Noble and Borders dominated the space, offering sprawling stores filled with books, music, and DVDs (remember those?). By 2000, the book retailers had over 1,200 combined locations across the US, becoming go-to destinations for both book lovers and casual shoppers.

But as bookstores thrived in the physical world, the digital age was quickly catching up. In 2007, Amazon made waves by launching its e-reader, the Kindle, allowing readers to carry entire libraries in the palm of their hand. It sold out less than six hours after its debut. Two years later, Barnes & Noble launched its own e-reader, the Nook, hoping to grab a slice of the market. But despite a strong debut, the Nook couldn’t overtake the Kindle’s dominance. 

The future of malls

Mall closures are expected to continue for the foreseeable future, but the pace has slowed significantly in recent years. Some will sit abandoned and slowly decay, others will undoubtedly get bulldozed, and some will actually get turned into something useful. See our feature “What can you do with an abandoned mall?” written by John Kell.

Competition from e-commerce also continues to heat up, estimated to grow at double the rate of brick and mortar in the coming years. Despite this, a new wave of shoppers are bringing the mall back to life. According to a recent ICSC survey, 60% of Gen Z say that even if they don’t need to shop, they still like to hit up malls to hang with friends and socialize.

Meanwhile, overall visits to indoor malls have jumped nearly 9% since last year. Bolder predictions suggest that in coming years we could see a hybrid mall transformation, with more AR/VR-enhanced shopping experiences, immersive beauty salons, medical centers, and fitness zones.

With retailers continuously reinventing ways to bridge the digital and physical shopping gap, the future of malls could still be bright — even if it looks different than the past.

Nate Becker and Luke Kawa contributed to this article.