The rapidly rising number of online shoppers and the increasing use of mobile devices for shopping has taken its toll on brick-and-mortar businesses. Just days into the new year, a consumer report shared its prediction that thousands of stores will close in the near future.
Small physical stores are not the only ones that will suffer. Large departments stores, known as “anchor stores”, are also expected to feel the effects of the rise in online shopping. In addition to their own sales, these anchor stores boost traffic to the small businesses that surround them. An anchor store’s closing will not only affect the business itself, but the other small brick-and-mortar establishments nearby. According to CoStar, Business Insider reports 310 out of 1,300 malls are at risk of losing an anchor tenant.
The rise of ecommerce outlets like online giant Amazon has made it harder for traditional businesses to lure customers … Read the rest