Shopping malls in the U.S. have a bleak future according to Credit Suisse, Business Insider reports.
About 20-25 percent of the country’s 1,100 malls will close within the next five years, and Credit Suisse predicts it’s because of mass retail store closures, the growing popularity of off-price chains like Marshalls and Home Goods and the rise of purchases made online.
Shopping malls across the country are already dying. Anchor shops like JCPenney, Sears and Macy's have closed their doors to cut costs. JCPenney will close 138 stores in 2017 while Sears will shut 126 Kmart and 54 Sears stores. Macy's, meanwhile, is closing 68 stores.
More people are shopping online, too, and the National Retail Federation in February estimated an 8-12 percent rise in e-commerce in 2017.
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