It’s no secret that online shopping has taken over in recent years. In fact, a study by Forrester Research found that U.S. online retail sales will grow from $390 billion this year to $632 billion by 2021. That’s a compound annual growth rate of 11%. So it would seem that brick-and-mortar shopping malls are on their way out, right? Wrong! Despite the rise of ecommerce, shopping malls still matter – and here’s why…
Shopping malls provide a sense of community that online shopping cannot. They are a gathering place for friends and family, a place to people watch, and a place to enjoy the hustle and bustle of city life. Shopping malls also offer an experience that is unique to brick-and-mortar stores. You can try on clothes, test out products, and get a feel for the quality of items before you buy them. This is something that online stores cannot replicate.
Another reason why shopping malls still matter is because they are a major source of jobs. According to the International Council of Shopping Centers, shopping malls account for one million U.S. jobs – and that number is expected to grow. Shopping malls also generate billions of dollars in tax revenue for local, state, and federal governments.
So the next time you hear someone say that shopping malls are a thing of the past, be sure to set them straight! Shopping malls are still relevant – and will continue to be for years to come. Thanks for reading!
Do you think shopping malls will be around for years to come? Let us know in the comments below!
Cesar Keys is a business leader and the current owner of SV Center, a popular shopping mall. Born and raised in the Bay Area, Cesar has always been interested in entrepreneurship and making money. He started his first business at the age of 18, and has never looked back. In this article, we will take a closer look at Cesar’s life and career as a businessman.