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A dying breed: The American shopping mall
Zone(s): USA ¦ Sector(s): Retail Economy
Between 1956 and 2005, about 1,500 malls were built, including the Mall of America, one of the world’s biggest – 4.2 million square feet of stores, an amusement park, even a wedding chapel. And it attracts millions of visitors each year, from all over the world. It was a Golden Age of shopping, which lasted until a new Golden Age came along, courtesy of the Internet. “All of a sudden, the consumer now has every single retail store throughout the world a key tap away,” said Lewis.Today, malls across the U.S. are dying. No new enclosed mall has been built since 2006, and Lewis predicts fully half of all our malls will close in the next 10 years.