Never Mind the Internet. Here's What's Killing Malls.
The answer is:
1. Big Box stores
2. Income inequality
3. Services Instead of things
Let's only waste our time on number 2, because it is a big number 2.
"Rising income inequality has left less of the nation’s money in the hands of the middle class, and the traditional retail stores that cater to them have suffered. The Pew Research Center estimates that since 1970, the share of the nation’s income earned by families in the middle class has fallen from almost two-thirds to around 40 percent. Small wonder, then, that retailers aiming at the ends of the income distribution — high-income people and lower-income people — have accounted for virtually all the revenue growth in retail while stores aimed at the middle have barely grown at all, according to a report by Deloitte.
As the concentration of income at the top rises, overall retail suffers simply because high-income people save a much larger share of their money. The government reports spending for different income levels in the official Consumer Expenditure Survey. In the latest data, people in the top 10 percent of income saved almost a third of their income after taxes. People in the middle of the income distribution spent 100 percent of their income. So as the middle class has been squeezed and more has gone to the top, it has meant higher saving rates overall."
What does this have to do with the death of the mall? Perhaps the answer is there in code somewhere, but it looks like the author took something written for a different article and dropped into this article by mistake.
Savings rate overall? WTF?
Anyway, what is happening to the middle class, and also the lower class is simple and obvious when one looks at a graph. They are moving into the upper class.
Get a grip, author, the upper class also spends money, they are all wealthy hobos.
The media has fallen by a huge amount, which should mean all of the incompetent journalists are out of work, but this article shows that is not the case. Let me know when we are left with only high quality, low bias reporters, until then let the collapse continue!
The shrinking middle class