Most of us recall the good ol’ days where parents would drag their children to the nearest mall to shop through all 125 stores in a single, back-to-school afternoon. Malls are a huge part of America’s history, with hundreds of shops all located in a single, easy access building. But malls are becoming more part of the distant past instead of the future in today’s shopping digital age.
In the next five years, consumers can expect to see some rapid changes in the shopping world. No longer will malls overtake the shopping experience. In the next five years, shoppers can expect 20% to 25% of the nation’s shopping malls to close their doors, forever. As e-commerce overtakes the shopping world, less and less brick and mortar stores are finding the sales in order to stay open another year. Slowly, as online vendors have slowly overtaken the shopping world, more and more retail, local stores are finding it harder and harder to stay open.
The biggest sales for brick and mortar stores tends to be clothing, as sizes are not always universal. But as more and more people get the hang of shopping for clothing items online, brick and mortar clothing sales are down a bit. Sales are expected to increase online from a mere 17% to 35% by 2030. As more of these sales jump to the online commerce sales, there will be less brick and mortar stores to shop at in your local area. For those that do not live in urban areas, online shopping has already become a major part of sales for a variety of items, and trends are showing an increase for those online products even in urban areas.
Traditionally, stores like Macy’s, Sears, and J.C. Penney kept malls alive with their super chain store names, but as time has passed less sales have made it to these retail giants. Each one of these retail lines have announced closings of stores across the country, and trends indicate more stores will be soon to follow. It appears, for all intensive purposes, that the retail giant we all know and love, will no longer be a part of our future generations.