While online and catalog sales on the increase (yes catalog sales are seeing an amazing comeback,) America’s many retailers are closing stores, generating concern about the malls’ future.
Macy’s announced it is closing 100 stores. Sears, Gap, and Abercrombie & Fitch are part of this trend.
Foot traffic is declining in malls across the nation. Cushman and Wakefield noted:
- 2010: 35 million visits to shopping malls
- 2013: 17 million visits to shopping malls
According to Green Street Advisors, we will see about 15% of America’s malls disappear over the next 10 years.
- Increased spending on technology
- More disposable money being used on vacations and not on clothing
- And of course, more online and catalog shopping