Between 20 and 25 percent of the nation’s shopping malls will close in the next five years, according to a new report from Credit Suisse that predicts e-commerce will continue to pull shoppers away from bricks-and-mortar retailers.
For many, the Wall Street firm’s finding may come as no surprise. Long-standing retailers are dying off as shoppers’ habits shift online. Credit Suisse expects apparel sales to represent 35 percent of all e-commerce by 2030, up from 17 percent today.
Traditional mall anchors, such as Macy’s, J.C. Penney and Sears, have announced numerous store closings in recent months. Clothiers including American Apparel, Bebe and BCBG Max Azria have filed for bankruptcy. The report estimates that around 8,640 stores will close by the end of the year.
Retail industry experts say Credit Suisse may have underestimated the scope of the upheaval.
Read the full story on LATimes.com.
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