End of Shopping-Mall Era a Symptom of a Hollowed-Out Middle Class

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Image via The Associated Press.

Shopping malls as we know them are disappearing at an alarming rate, writes Jon Jeter for MintPress News.

With the increasing number of malls closing their doors, between a quarter and a third will soon be gone. Almost 9,000 retail stores closed for good last year, along with the demise of iconic brands like Sears and JCPenney.

The belief is that maintaining brick-and-mortar stores is becoming impractical as consumers turn to online shopping. But this may be hiding the real reason behind the demise of the mall: the fact that people do not have the spending power they once had.

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This has brought a rise in the number of discount stores like Dollar General. The top end of the market is also doing well with boutique stores thriving. But the middle, once the mainstay of the middle class, has dropped off.

This is in line with the gradual hollowing out of the manufacturing sector that kept the middle class afloat. When combined with the alarming growth in consumer debt, this could mean that the days of the shopping mall may be numbered.

Read more the future of malls from MintPress News here.

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