15 Percent of Malls To Close Due to Online ShoppingTue, Feb 05, 2013 - 6:17 AM
Experts are predicting that up to 15% of US shopping malls are forecast to close over the next five years as online shopping continues to surge. The United States has over 1300 regional malls (over 450,000 square feet) and that could mean that up to 195 of them will shut down. This news makes sense as I don’t often go to the mall to shop. To get to the closest mall I have to waste an hour driving to the mall and back and usually products cost more than they do online. So, for me the convenience and wide variety of choices you have on the Internet are the way to go. Most big online companies also offer free return shipping if you don’t like something. Times are a-changin!
“I think 200 are going out of business,” said Gerry Mason, executive managing director at property group Savills. “We’re 15-20 per cent overbuilt. There are just too many stores.”