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The second cause of the decline of shopping centers in the United States is their age and obsolescence. The first modern shopping centers were developed in the 1950s and, while more than a third of the stock was built before 1978, more than half did so before 1988. Much of this first and second generation of shopping centers has been built. therefore, obsolete.

More than a third of shopping center stock in the US was built before 1978, and much of it has become obsolete, both in design and in business mix.

It is significant that in the United States, department stores and hypermarkets, formats that have reached their maturity phase, represent 46% of the Gross Lettable Area (GLA) of shopping centers, while in Spain and the United Kingdom it is around 25% . Furthermore, one of the new trends observed, that of increasing the space for Leisure and Restoration in shopping centers, is less developed in the United States than in countries such as the United Kingdom and Spain, where they have more weight in the tenant mix. In the future, it seems clear that growth in shopping centers will come more from the hand of Leisure and Restoration than from department stores and

The third cause of the deterioration of physical retail in the United States is the rise of electronic commerce. Online sales in the United States represent 15% of total retail sales, which places it in the second country in the world, after the United Kingdom, in the ranking of countries with the highest penetration of electronic commerce.

Despite being high, that percentage continues to grow significantly (14% / 15%) year after year. In the case of Spain, e-commerce is growing faster (above 20%) but its market penetration is still much lower, representing only 4% of retail sales.

In the United States, the competition that e-commerce represents for physical retail is already much more perceptible, since while sales in the online segment grew by 15% between 2010 and 2015, in physical stores it did so by 4%, electronics and department stores were particularly affected. The same trend can be seen in the last year, with e-commerce sales being much more favorable than in physical retail. However, in most commercial activities, street merchants are taking advantage of the opportunities offered by e-commerce and, in 2016, more than half of e-commerce sales were made by retailers from the offline world.

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