WEB Notes: A big portion of the retail apocalypse as it has been called is due to online retailers. In the online realm, you can place an order from your comfy couch and have it show up in a couple of days even in rural areas. It also seems like people are looking for more custom and tailored items and experiences, something large retailers are not able to offer customers…
The closing of large retailers is no surprise. We have been saying it for years now due to the rise of e-commerce.
The downside to this is how will it affect local job markets in the future?
More and more jobs will be consolidated to large hubs where merchandise is shipped from rather than stores spread throughout communities.
Our world is changing.
Things did not appear to go well for retail landlords in 2017. Big chains announced thousands of store closings and filed for Chapter 11 bankruptcy protection at a record rate, leading analysts to predict that hundreds of malls were on the verge of closing. The forecasts for the future proved even more grim than the present.
But that’s not how mall owners see their own prospects. Mall managers tend to bemoan what they see as sensationalized coverage and doomish predictions designed to drive traffic to news websites—and rent reductions for their retail tenants.