25% of U.S. malls will be gone in 5 years

Curated by Paul Helmick

I’m a Technology CEO and Experienced Entrepreneur. I love helping people use technology to grow their business.

Between 20% and 25% of American malls will close within five years, according to a new report out this week from Credit Suisse – That kind of plunge would be unprecedented in the nation’s history
In 1970 there were only 300 enclosed malls in the US, and now there are 1,211 of them
People are shopping online more than ever, and that trend is expected to keep growing
The report estimates that as malls close, online sales will grow from 17% of retail sales today to 35% by 2030
Credit Suisse estimates that a record 8,600 stores will close this year alone
That’s far more than the record 6,200 stores that closed in 2008, the first year of the Great Recession.

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