The Reddit traders bailed out a major mall investor. But the throngs of retail investors who pushed up the shares of nostalgia businesses, from GameStop Corp. to Tootsie Roll, can’t save malls.
The most convincing evidence comes out of Canada, where Ontario Teachers’ Pension Plan cashed out its entire stake in the mall owner Macerich Cos. on Wednesday, selling nearly $500 million of shares into a Reddit-driven rally.
