Shopping malls across the country are under severe financial distress, with vacancy rates hitting two-decade highs in 2019, reported the Financial Times, citing a new report from Reis Moody's Analytics.
US retailers announced 9,300 store closings in 2019, according to Coresight, indicating that the retail apocalypse and a massacre of malls are far from over.
Mall operators saw a surge of store closures in 2H19 and ahead of Christmas despite a relatively stable consumer that has been leveraging up via the use of credit cards.
Barbara Denham, a senior economist at Reis, said one notable trend during the 2019 holiday season was the shift in spending habits from brick and mortar stores to online.
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8 comments:
Malls have outlived their usefulness and have become hangouts for riff-raff. Good riddance!
Shop at the Mall
Order online
Merchandise here tomorrow
DAH!!
Even the largest companies can’t afford the mall rent.
Thank you for the lack of prosecution for thugs in malls.
Thank you Jeff Bezos for making yourself Bazillions while putting tens of thousands out of work.
When the product you receive on your front porch isn't what it looked like online, don't blame Sears!
If everyone put their morals ahead of their laziness or greed capitalism could create a perfect world.
I don’t take vaccines
So I don’t care
How do you get high from a vaccine?
Duh
I think it's hilarious! Every city sold out to this type of development (local backroom deals) and now there cities are becoming overrun with vacant commercial property. Locally old John Cannon and Donnie Hall made a small fortune off the North end land
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