Malls in the US are struggling, except in Silicon Valley

In the era of online shopping, malls all over the country are struggling, except in Silicon Valley.

Malls in the region outperform malls just about anywhere else in the United States.

"We are very fortunate that we have a base of income earners that is much higher than most places in the country," Silicon Valley Leadership Group CEO Ahmad Thomas said.

Lots of new stores – many on the high-end side – and several new restaurants have boosted Westfield Valley Fair mall's sales by almost 70% since 2019.

"I think when we look at Silicon Valley, where things are going with AI, where things are going with innovation, I think optimism is at an all-time high, and that does play into what we see in terms of consumer confidence in the region," Thomas said.