The Decline of Shopping Malls
Editor: Anita Newkirk Hackney
Online shopping has increased tremendously in the last year due to Covid-19 and has greatly affected shopping malls. To add injury to insult, the new emerging strand of Covid 19 does not help with getting people back into our shopping malls. So, how can we pump business back into our city and town malls? That’s a tricky question especially in a pandemic that’s taking thousands of lives.
Covid-19 has claimed approximately 423,192 lives and has a current total of 25.4 million positive cases in the United States alone. Then add the number of deaths worldwide and you have a total of 2,164,336 lives lost. With the coronavirus on the prowl in the United States and other countries, many people are fearful and leery about leaving their homes to purchase items from businesses like Walmart or Target. It’s nice we don’t have to worry about going into a business to buy groceries and other goods when we can shop online.
Online shopping is convenient and has been very helpful during this global pandemic. With a push of a button, you can purchase an object you want or need. Buying items online may be convenient, but there are also some flaws to deal with when you shop online. Some of the cons of shopping online include lagging shipments, difficulty distinguishing colors on the screen, getting the proper fit, receiving the wrong or damaged items; AND it can become quite addicting.
According to Nathan Bomey and Kelly Tyko from USA Today:
“Just when many shopping malls had finally figured out how to adapt to the era of digital retail, the coronavirus pandemic upended everything. Having seen the recent move toward dining, entertainment, fitness and personal services come to a screeching halt—a pivot that was supposed to help them survive the Amazon age—malls throughout America are suddenly running out of time.
According to the analysts’ projections, “…smaller retailers closing or requesting rent relief, and venues like theaters still temporarily shut down due to COVID-19, anywhere from 1 in 2 could go out of business altogether.”
“[. . .] The bleak turn of events has provided more fuel to online retailers already swiping market shares away from malls that were relying on diminishing foot traffic to apparel shops and department stores in particular.
“’There are malls that this crisis will accelerate their closure, no doubt,’ said Kat Cole, president and chief operating officer of Focus Brands, parent company of mall classics like Cinnabon and Auntie Anne’s. ‘How many is anybody’s guess, but we’re hoping it’s a minority.’
Analysts at Coresight Research, which tracks retail closures, projected that about 25% of America’s malls would disappear within the next three to five years.
Malls like the ones in my hometown are beginning to lose a lot of their department stores to online shopping. Big box retailers and anchor stores have taken the brunt of lagging sales. This is not just happening in my hometown; it’s happening all over the United States.
With the number of positive Covid cases rising and a new strain of the coronavirus on the way, how will we be able to prevent malls from going out of business? Hopefully, we can find a solution soon, so we don’t have to say goodbye to them forever. Let me know your thoughts in the comments below.
