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Published
May 31, 2017
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Credit Suisse forecasts closure of a quarter of US malls in next 5 years

Published
May 31, 2017

Global bank Credit Suisse has issued a research note forecasting its expectation that a quarter of US shopping malls will close over the next 5 years.

DR


Credit Suisse's report specifically predicts that between 20% to 25% of the existing US shopping malls will close by 2022. Of the 1,100 malls in America, this amounts to approximately 220 to 275.

As department stores continue to stay in the news for shuttering doors, and retailers continue to pop up in bankruptcy court, it comes as no surprise that brick and mortar retail is struggling. Malls are hit extra-hard as traditional anchor stores close.

Credit Suisse's report cites the rise of online shopping as well as consumer preferences for off price retail. As more stores struggle, vacancies continue and foot traffic declines in traditional retail as malls no longer are the shopping destinations they once were.

Credit Suisse's research notes that in addition to the 3,600 store closures that have already taken place this year, it forecasts over 8,500 total mall store closings by year end.

There is no question that consumers are turning online for basic shopping. While brands focus on creating unique consumer experiences to draw heat into their stores, the face of retail continues to change. Retailers who are bucking the trend in store closures are using different techniques to drive traffic and are carefully selecting retail locations that speak to their consumers' evolving preferences.

Unique brand experiences are occurring in specialty locations that contribute to a lifestyle experience for consumers often combining dining, fitness and shopping. As the migration continues, traditional US malls are showing how toxic they are, with retailers favoring popup shops and other models of brick and mortar selling.

To that end, Credit Suisse expects the future of apparel sales to continue moving online. The bank's research indicates ecommerce sales will grow from 17% today to over one third of all apparel sales, or 37%, by 2030.






 

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