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  • Back when Main Street was the retail hub, mom and pops stores were in their heyday.

  • Then a new kind of shopping center sprouted up in the suburbs, malls.

  • In 1956, the first fully enclosed shopping mall opened in the suburbs of Minneapolis, giving way to hundreds of shopping centers in towns across the country.

  • Soon after came the category-killers such as, BARNES & NOBLE, HOME DEPOT, and TOYS'R'US, as well as super stores like Walmart and TARGET.

  • Mom and pops were no match with these giant retailers that offered everything under one roof at low prices.

  • The building boom left the US with too many retail stores.

  • We have more than five times the gross leasable space per capita as the UK.

  • Except for a few spikes around Easter and Christmas, foot traffic to malls has been declining since 2014.

  • Just ten years ago, 24% of people polled by America's research group said they noticed mall store vacancies.

  • Today, that number has doubled.

  • Big box stores located in strip centers aren't immune from the shakeout either.

  • Nearly 20 retail chains, including Sports Authority and RadioShack, have filed for bankruptcy in the last two years.

  • The new winner?

  • Amazon.

  • About 27% of survey respondents said they plan to purchase more from the online retailer this year.

  • E-commerce in general is capturing retail shoppers.

  • In the final quarter of last year, online sales accounted for 17% of all retail sales, more than three times what it was a decade ago.

  • No one expects brick and mortar stores to go away entirely, but where we will be a decade from now?

  • It's a question no one can really predict.

Back when Main Street was the retail hub, mom and pops stores were in their heyday.

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A Brief History of Retail

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    michelle posted on 2019/08/18
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