The mall. It used to be a place where teens would go to loiter, the elderly would go for morning walks and stressed-out busy consumers would flock for deals, steals and the next big hand cream. But the mall is dying right before our eyes, and there’s nothing stopping this mighty retail death knell. Let’s look at the facts.
It’s a global problem
In 2014, teen retailers Deb Shops and Delia’s Inc. suffered, leaving youngsters with fewer places to shop. The former filed for bankruptcy (the first step in permanent demise), while the latter is gone for good. Back in December, Dutch retailer Mexx filed for bankruptcy, which forced the closures of 95 Canadian stores.
It’s not just a fashion thing
Canada isn’t safe
It isn’t just an American mall crisis, so don’t get cocky. This past year, Jacob announced in October that it would be closing all 92 of its stores across the nation.
Even the Eaton Centre is suffering
Sears Canada shuttered its flagship Toronto store in October, and many of its other locations were sold off. In a turnaround effort, Sears placed a lot of investment in a new, affordable yoga line. But can retail be saved with a downward dog?
Affordable office wear on the decline
Reitmans elected to shutter all of its Smart Set stores, due to its lack of profitability, continuing in the trend of low-cost, Canadian-owned separates getting the bum’s rush in the retail space.
No pets allowed
Back in May, BC-based pet store chain Petcetera announced plans to shut down all stores, sell off locations and liquidate in-store assets.
Malls have literally already died
According to Deadmalls.com, 14 Canadian malls are officially dead, from Alberta, Ontario, Quebec, Nova Scotia, Newfoundland and New Brunswick.