Is The Mall Dead

With lighter wallets and heavier burdens, Americans are rethinking their conspicuous consumption. That's bad news for retailers.

Newsweek, November 12, 2008 — There's something growing in the New Jersey Meadowlands, the marsh just nine miles west of Manhattan—and it isn't the gentle ferns that the bucolic name suggests. Instead, what's emerging is a man-made behemoth, the largest and most expensive mall ever built in the United States. Originally slated to open this month, Xanadu is now scheduled for completion next summer. Lawsuits, political grandstanding and construction delays have nearly doubled the mall's cost to $2.3 billion. When it's finished, the half-mile "retailtainment" center will be a Vegas-meets-Disneyland pleasure dome with the country's tallest Ferris wheel and first indoor artificial ski slope. There will also be a two free-fall skydiving jumps, indoor surfing, a mini-city for kids, a digital media river on the ceiling—and, oh, some 200 shops.