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

Curated by Paul Helmick

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  • 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.

Is the mall dead?

Via CNN Money