(Irwin Fletcher) More than 400 of the 2,000 largest malls in the U.S. have closed in the past two years. No new enclosed malls have been built since 2006.
Ten retailers that left an imprint in the American marketplace have faded into oblivion, retailers like Hollywood Video, Builders Square, Best Products, Musicland, Linen ’n Things, Circuit City, K.B. Toys, Border Books, Montgomery Ward and Woolworth. Several of these started in the 1800s.
In addition, many retailers are downsizing or closing some of their stores, including Blockbuster, JCPenney, Sears and Staples.
It probably won’t be too long until local malls will also be closing their doors. The retail sales for these outdated businesses is just not there anymore. Shopping habits are rapidly changing to online shopping, which is increasing every year.
Amazon is the leader and has a new program offering same-day shipping. Where else can you order in the morning and have delivery the same day?
Places with no “anchor” stores won’t draw traffic. Retailing is fast changing.