Amazon’s (NASDAQ:AMZN) Online Retail Gunship is Destroying the Shopping Experience
Empty space in regional shopping malls has risen to a 6-year high in Q-1 of Y 2018, as the retail apocalypse expands.
The vacancy rate in big US malls increased to 8.4% in Q-1, up from 8.3% in Q-4 of Y 2017, and the highest since Q-4 of Y 2012, according to data from real-estate data firm Reis Inc., which studies 77 metropolitan areas.
The “retail apocalypse” refers to the closing of a large number of American retail stores beginning in Y 2016 and expected to peak in Y 2018.
More than 8,000 US retail stores closed in Y 2017, roughly 2X the average annual store closures in the prior 10 years, as American consumers shift their purchasing habits due to various factors, including the rise of e-Commerce. Reuters reported, citing data from the International Council of Shopping Centers.
Meanwhile, neighborhood and community shopping centers in 41 of the 77 areas experienced an increase in vacancy during the 12 months ending 31 March.
President Trump has attacked Amazon and its CEO Jeff Bezos several times, as the President is upset with the world’s largest online retailer and wanted to rein in its growing power, possibly with federal antitrust or competition laws.
“Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country…not a level playing field!” President Trump tweeted Monday.
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