Malls closing is a trend that has been projected by various reports and analysts. The pandemic and the shift to online shopping have accelerated the decline of many malls, especially lower-tier properties. Retailers have announced plans to close thousands of stores nationwide, many of them in malls. Some malls are trying to reinvent themselves as lifestyle hubs with diverse offerings, while others are being repurposed for different uses.
When talking about shopping malls - descriptions like big, bustling, and full of life spring to mind. However, in recent years, this image has started to change. Now, 'dead malls' are becoming more and more common, as traditional retail struggles to keep up with the ever-growing demands of online shopping.
With Department Stores Disappearing, Malls Could Be Next
Brick-and-mortar retail was in the midst of seismic changes even before the pandemic. Analysts say as much as a quarter of America’s malls may close in the next five years.
It's no secret that online shopping is becoming increasingly popular, and this is definitely one of the key reasons why shopping malls are dying. More and more people are opting to do their shopping from the comfort of their own homes, and with such a wide range of products available online, it's not hard to see why.
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"The demand for space right now is higher than I've seen it in 15 years," said David Lukes, chief executive officer of SITE Centers, who runs over a hundred power and shopping centers. Why battle traffic and parking lots only to find a store doesn’t have your style, size, or anything you really like? There reveals my purpose!
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Shopping habits have changed a lot in recent years, and malls have struggled to keep up with changing tastes and trends. This is where I have shined for decades. I review the store or services I publish. I am not asking them for their products to give my review yet. That is coming soon. Based on how well you have been treating me many more doors are opening. Fast fashion is one such trend, and the rise in its popularity means that people are now more likely to buy their clothes from cheaper, more trend-focused online retailers rather than from traditional department stores.
People are less likely to spend money on expensive items that will go out of style quickly and especially post-pandemic, this has meant that people are generally more careful with their money, and are less likely to splurge on unnecessary items.
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