The American mall is undergoing a selective revival by becoming a place to spend time rather than simply shop. Green Street data, first reported by The Wall Street Journal, show that about 200 malls have closed since 2008, while surviving mall values rose 13% over the past year, more than double the increase in overall commercial real estate prices and the strongest gain among major sectors. Indoor-mall visits increased 2.5% from January through August compared with the same period a year earlier, reaching within 1.3% of 2019 levels, according to Placer.ai data provided to Fortune. Owners are drawing visitors by renovating properties, adding luxury retailers, popular restaurants and entertainment venues, as well as gyms, daycare, medical offices, beauty services, hotels, offices and apartments. Placer.ai found that 37.6% of indoor-mall visits in 2025 lasted more than 75 minutes, while a Sunnie and Westfield Rise survey found that 73% of Gen Z women surveyed considered malls their top destination for spending time with friends. Online-first brands are also opening physical stores to build awareness, acquire customers and support nearby online sales, with some moving from pop-ups to leases of five years or longer. The recovery is concentrated among a minority of high-quality properties: of roughly 900 malls tracked by Green Street, only about 250 are benefiting meaningfully. Morgan Stanley's Ronald Kamdem said the sector is performing at its strongest level since the pandemic, while analysts say the model remains exposed to affluent consumers and a rising stock market, and that transformations can take about two years.