It's a bad day to be a mall lover. According to a new report from Credit Suisse, American malls are in for a rough few years. The report estimates that a quarter of the malls in our country will close within the next five years. Cue the tears.
To be totally fair, though, this news isn't completely shocking. With a constant stream of reports about store closings, such as Bebe, J.C. Penny's, and Sears, it was safe to assume that this would eventually hurt the malls that housed these companies.
This news comes in the wake of shoppers alliances shifting to e-commerce brands. Credit Suisse predicts that apparel sales will represent 35% of all e-commerce by 2030, which is 17% high than it is today.
While some malls will certainly close down in the coming years, others are finding a way to thrive. Retail experts told the LA Times that the ones who will survive this seismic shift are the ones adapting into "lifestyle malls." These type of shopping centers aren't only focusing on apparel and accessories, but creating immersive experiences with nice restaurants, movies theaters, and more.
Time to run over to your local mall and do some nostalgic window shopping while you still can.