Sourdough bread may hold the key to preventing malls from going stale. A recent economic report suggests that The Cheesecake Factory, a well-known chain restaurant, acts as a vital anchor for many shopping centers across the nation. According to financial analyst Matt Reidy, malls containing a Cheesecake Factory have an impressive 93% loan payment rate, while malls without the popular restaurant only manage a 72% payment rate. Reidy believes this correlation is most likely due to the Cheesecake Factory’s strategic site selection rather than the restaurant single-handedly saving failing malls. However, the relationship between the Cheesecake Factory and successful malls is undoubtedly present.
To gather further insight, The Post reached out to Cheesecake Factory representatives for comment. Reidy also mentioned that the malls’ livelihood, offered through colossal burgers, lavish entrees, and indulgent desserts, comes at a time when brick-and-mortar retail is struggling to survive. The transition from traditional department and apparel stores to online shopping has significantly impacted enclosed malls. Shoppers no longer frequent enclosed malls as often as before.
Data further supports the argument, demonstrating that malls containing a Cheesecake Factory maintain a much higher loan payment rate (93%) compared to malls without it (72%). As a result, the number of malls in the US has significantly declined from around 2,500 in the 1980s to approximately 700 today, as reported by The Wall Street Journal last year.
Reidy also brings attention to the increasing popularity of open-air “lifestyle centers” among consumers. These centers offer the convenience of parking close to desired stores and walking directly to them, rather than navigating through a maze of department stores meant to entice shoppers into visiting more stores before reaching their intended destination.
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