Sears Holdings Corp. (fka SHLDQ)

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Average rent for Sears locations is just north of $4 according to online sources... and they still can't turn a profit.

For good retailers, base rent is unimportant since % rent, utilities, and common area fees are the big item. Lots of older malls require huge maintenance. Most malls were very cheaply built with intended lives of perhaps 50 years.

I've seen shuttered malls that were falling apart within a few years. Once closed, malls soon require demolition.

The geographic locations do often have considerable value. Great road access for example.