By Contributor,Kristin Mueller

Copyright forbes

At first glance, an aging shopping mall looks like a problem waiting to happen: vacancy creeps in, anchors depart, and redevelopment plans drag for years. But these properties represent opportunity: prime real estate located near dense rooftops, major highways, and thriving communities. The challenge is weathering the long transition between what a mall once was and what it will become, making bridge management an owner’s greatest resource.

Bridge management is a specialized form of property management that ensures a property’s value doesn’t vanish just because its development is in flux. Unlike traditional property management that maintains a steady-state asset, bridge management is designed to keep properties financially viable, tenants supported, and communities engaged through years of redevelopment, repurposing, or significant change.

Making the case for bridge management

Transitioning a mall is rarely a clean break, and today’s volatile retail landscape makes bridge management more relevant than ever. According to JLL’s latest Retail Market Dynamics Report, the change in occupied U.S. retail space was negative 7.5 million square feet in Q2 2025, following 10,000 store closure announcements that could impact 140 million square feet of space. Bankruptcy filings among consumer discretionary retailers also reached a 14-year high in 2024, accelerating closures across big-box and specialty categories.

Yet, it’s not all doom and gloom. So far this year, 6,565 new openings have been announced, outpacing closures. But most of those are smaller footprints under 10,000 square feet, while the bulk of closures fall in the 10,000–50,000 square foot range. For many malls, that mismatch underscores the need for reinvention.

The obstacle is time. Redevelopment takes years. Construction activity is down more than 50% year-over-year, and approvals for major mixed-use projects can stretch a decade or longer. In that limbo, bridge management provides the stability needed to get from here to there.

How bridge management works

Before redevelopment plans can move forward, owners face a long list of obligations and stakeholders. Bridge managers approach this with a phased plan that extends from early planning to post-closure. In many ways, it is harder than ground-up development, where no existing tenants or community expectations complicate the process.

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Planning. It starts with setting a closure timeline that may stretch six months to a year or more. Next comes a lease review to flag existing tenant termination clauses and potential negotiations, followed by a communications strategy built with legal and financial teams to keep tenants, employees, and the community in the loop.

Tenant relations. As occupancy declines, attention turns to smaller retailers who may need relocation support, and larger anchors who often require tailored solutions. Creative leasing, such as pop-ups, short-term licenses, or even activations in underutilized parking lots, can help keep revenue flowing during the transition.

Operations. As staffing levels shrink and vendor contracts scale back, smaller crews are left to juggle rising demands with reduced cash flow. Utilities are reduced in phases, while security is often heightened and maintenance pared down to essentials. Even after closure, managers may continue to oversee security, limited upkeep, and marketing to position the site for redevelopment. Effective bridge strategies anticipate these pressures and ensure day-to-day operations remain sustainable.

Community engagement. Local governments and economic development agencies want reassurance that redevelopment will bring jobs and tax revenue rather than decline. Regular updates, public forums, and proactive engagement with city officials help build trust that the property’s best days lie ahead.

Bridge management works to preserve financial value, tenant trust, and community goodwill as the property prepares for its next chapter.

Creating value in the in-between

Bridge management isn’t just good practice; it’s financially strategic. With the right strategy, a property in flux can still deliver meaningful value.

At Provo Towne Centre in Utah, bridge strategies helped double short-term revenue to $1.2 million annually, while ancillary programs generated $7 million over seven years. Occupancy climbed from 67% to 95%—even through the pandemic—while operating costs were cut by more than a quarter.

Similarly, at Everett Mall in Washington (slated to become The Hub @ Everett), interim management generated $1.1 million in ancillary revenue and shaved $1.5 million off operating costs in just two years. Sherwood Mall in California preserved nearly $3 million in annual NOI during a 2.5-year demolition and transition, while Lakeshore Mall in Florida added 220,000 square feet of occupancy through short-term deals and limited traffic loss to just 8%.

The human factor

Numbers tell one story, but psychology tells another. Tenants want assurance that leases will be honored, and their businesses supported. Communities need to believe their mall isn’t becoming a liability, but a project worth waiting for.

That belief is fragile. Redevelopments can stretch for years—sometimes more than a decade—testing patience and loyalty. Consistent messaging, visible progress, and creative activations keep shoppers and retailers engaged enough to return when the doors reopen. Without them, the risk of permanent loss is real.

Integration is key

Bridge management is most effective when paired with other disciplines. Property managers who understand future leasing plans can negotiate interim deals without jeopardizing long-term strategy. Capital markets expertise helps structure financing to cover carrying costs. Development teams can phase construction to minimize disruption, while design specialists ensure today’s adjustments pave the way for tomorrow’s vision.

For investors, the benefit for investors is continuity: one coordinated team that can flex with the project as it evolves. Failing to integrate bridge management can trigger sharp income declines, strained tenant relationships, community backlash, or even safety and reputational risks.

Now is the time to act

Even amid closures and bankruptcies, investors continue to bet on retail. Transaction volume hit $28.5 billion in the first half of 2025, up 23% year-over-year, with much of that capital flowing to mixed-use redevelopment projects that give consumers the modern spaces they’re asking for.

Redevelopment considerations need to kick in long before the bulldozers arrive. It starts the day an owner decides a property must change. From that moment on, the right bridge management strategy determines whether the asset holds value, maintains relationships, and commands momentum, or falls into decline.

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