- 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.
Via CNN Money