c-ap-mall-AP_368991332723-Patrick Semansky

One quarter of US malls could be closed in five years

275 malls

Between 220 and 275 of the 1,100 shopping malls in the US should close in five years, according to an estimate by Credit Suisse.

Published   |  Photo by AP/Patrick Semansky
c-ap-mall-AP_368991332723-Patrick Semansky
275 malls

Malls are losing customers and money to internet shopping and to off-price chains like Ross and Burlington, which are often based outside shopping centers.

c-ap-mall-AP_368991332723-Patrick Semansky
275 malls

They are also losing stores. Credit Suisse estimates that 8,640 locations will close in the US this year, the most since at least 1999, and more than during the financial crisis.

c-ap-mall-AP_368991332723-Patrick Semansky
275 malls

In 13 out of 16 metro areas in the US, retail space growth outpaced buying power growth since 2000.

c-ap-mall-AP_368991332723-Patrick Semansky
275 malls

That means that in cities like Cleveland, Memphis, and Chicago, a lot of stores were being built even though people did not have a lot of money to spend.

c-ap-mall-AP_368991332723-Patrick Semansky
275 malls

Store closures in the US since 2000 and projected closures in 2017

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