In January 2017, Wells Fargo won a foreclosure auction bid on the Galleria, one of the largest malls in Pittsburgh, Pennsylvania.
The winning bid? $100. The 1.1 million square foot Galleria mall was once worth almost $2 million.
No new large-scale indoor mall has been built since 2006. It is projected that almost half of all malls will close within a decade.
There are many reasons why malls are dying before our eyes. Here are the main culprits: