Wall Street bank says a quarter of shopping malls will close in 5 years
(Shopping malls are disappearing.Oli Scarff/Getty Images)
About a quarter of US malls will most likely close within the next five years, according to a new prediction from Credit Suisse.
In a research note published Tuesday, the bank estimated that 20% to 25% of the nation's 1,100 shopping malls — or roughly 220 to 275 shopping centers — would shut down by 2022.
Credit Suisse cited mass store closings, the rise of e-commerce, and the growing popularity of off-price chains — which tend to be located outside shopping malls — as reasons for the potential mall closings.
About 3,600 store closings have been announced this year.
Credit Suisse estimates that about 8,640 stores will ultimately close by December.
The firm also estimates that e-commerce will grow from 17% of apparel sales today to 37% of apparel sales by 2030.
(Credit Suisse)
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