Closed storefronts are typical in American cities across shopping malls that once flourished in commercial zones of suburbia are now empty and abandoned.
As the retail apocalypse deepens, more than 3,800 stores are expected to close across the country this year. Department stores like Kmart, Macy’s, Sears, and JCPenney, and retailers including Best Buy, Payless, BCBG, Abercrombie & Fitch, and Bebe have decided to close dozens of locations.
A new report by real estate research firm Reis noticed that shopping malls had not been this empty since 2012, CNBC reported. The vacancy rate at regional and super-regional malls in the U.S. reached 8.6 percent in the second quarter of 2018, up from 8.4 percent in the prior quarter.
The increased vacancy rate is simultaneously occurring while online retailing giant Amazon continues to acquire a more significant share of the consumption pie.
According to Reis, the vacancy rate of malls could significantly jump over the next several years. Even Credit Suisse believes 25 percent of shopping malls will shut their doors by 2022.
As shoppers move online and mall traffic declines, NJ Advance Media has provided a complete and startling list of the 57 biggest retail chains shuttering storefronts as of recent:
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
3 comments:
lies lies lies. it is not totally about online shopping, its about the financial decline of the middle class and this had been going on since the bogus healthcare mandate.
I'm just glad so many people are a perfect size & don't have to try clothes on before buying them.
It looks like the new business to be in nowadays is delivery. With all these people who aren't going to the mall now buying things online, someone has to get it to the customers.
Post a Comment