Monday, April 7, 2014

New Normal, Malls Are So Over

Are Malls Over? : The New Yorker: " . . . Part of what’s hurting the mall, obviously, is that, increasingly, people are shopping online. Internet sales reached six per cent of total retail spending in the fourth quarter of 2013, nearly doubling their share from 2006. Some retailers, understandably, are responding by focussing more on the online end of the retail business. Gap, which became synonymous with the American mall, is no longer counting on malls for growth. “Culturally, the business pivoted towards digital,” Glenn Murphy, the C.E.O., said, describing the past year. “Mall traffic, for a number of years, has been slowing down. Whether it continues to decline somewhat over time, I think that’s realistic to assume.” Gap customers now can order clothes online and pick them up in a store. When it opens new stores this year, Gap will focus on Asia; earlier this month, the company launched its Old Navy brand in China. . . ."

more New Normal News below

No comments:

New Normal - Google News