According to a new report from Credit Suisse, between 20% and 25% of American shopping malls will close in the next five years. The report later goes on to predict that e-commerce will continue to pull shoppers away from bricks and mortar retailers.
If true, 275 shopping centers in the next five years will disappear. It does seem that we are on those tracks due to rapid stores closing their doors in 2017.
“Thousands of new doors opened and rents soared. This created a bubble, and like housing, that bubble has now burst.”
– Richard Hayne, Urban Outfitters CEO, March 2017
Credit Suisse also reported a stunning fact that “Barely a quarter into 2017, year-to-date retail store closings have already surpassed those of 2008.”
With one in ten employed Americans working in retail, it might be time to send in the applications to Amazon.