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Major Wall Street Firm Expects 25% of U.S. Malls to Close by 2022
Credit Suisse predicts that as many as 25% of U.S. malls will close by 2022 due to the rise of e-commerce, discount chains, retail bankruptcies and store closings.
“There are 2,353 square feet of space of shopping centers in the U.S. for every 100 Americans, compared with 1,636 in Canada and 458 in Britain.”
About 8,640 malls are expected to close by the end of the year, which is more than at the height of the 2008-09 financial crisis.
Credit Suisse projects that online clothing sales will rise from 17% to 35% by 2030.
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