It’s an understatement to say that American malls are having a hard time. In the next five years, 20-25% of American malls are set to close, according to Credit Suisse.
Why have Americans deserted the nation’s most iconic retail fixtures? It’s certainly not because shoppers are spending less. Since 2010, U.S. consumer spending rose from less than $10 trillion to nearly $12 trillion in July 2017. Meanwhile, between 2010 and 2013 alone, mall visits declined by 50% and since then, they’ve been free-falling.