The decline of shopping malls in America is at a low. So what is the cause? According to theatlantic.com, online shopping is growing, the surplus of shopping malls, and consumers are now investing in dining and traveling opposed to shopping.
Online shopping is nothing new. It’s quick and simple to have products delivered right to you. Also with the advancement of technology, there’s apps available to make the online shopping experience easier. Between 2010-2013 shopping in malls declined by a staggering 50%. You can basically find whatever you need- from furniture to electronics or clothing- online and have it shipped directly to you. Saving the time to actually go out look for what you need.
In the 1970’s the increase of building malls was huge. Gone were the days of going to two, three, four stores to get things. So, malls were created to save time for the shopping experience. Today, there are currently about 1,200 malls. So what’s to do with all these malls and no one is buying from them? Eventually they will be forced to shut down.
Revenue for stores have declined as traveling and dining out have increased. Sales continue to grow for the food/drink industry compared to retail. More and more people are drawn to spending their money on experiences rather than material things.