Is online buying starting to make a dent on shopping malls?

(Part 1 of a two-part article on the changing shopping lifestyle of the modern-day consumer in the Philippines) Business publications like Forbes and Business Insider in the United States have recently reported that up to 25 percent of shopping malls may close in the next five years, according to a study released by Credit Suisse, a global banking institution. The study attributed the grim retail industry scenario to the continued onslaught of e-commerce which has been pulling shoppers away from bricks-and-mortar stores. Long-standing traditional retailers like Macy’s, J.C. Penney and Sears have announced numerous store closings in light of the shift in shoppers’ buying habits to online markets. Highlighting this migration has been the rise of online fashion and apparel retailers, prompting Credit Suisse to predict that the share of apparel sales in the internet will increase from 17 percent today to 35 percent by 2030. Enjoying double digit growth In the Philippines, the exodus to online markets has not yet reached alarming proportions—at least not yet. Mall giants such as SM malls and Robinsons are still opening sprawling shopping malls, principally in the countryside. But the high density of malls within Metro Manila appears to be taking its […]

By | 2017-09-20T15:22:33+00:00 September 20th, 2017|Marketing|0 Comments