Retailers are being buffeted by many crosscurrents. Online shopping continues to penetrate brick-and-mortar’s dominant domain. Millennials are displaying different buying habits, opting to spend their money on experiences rather than material possessions. Shoppers are increasingly joining the “buy local” movement, exemplified by the growing popularity of urban boutiques, farmers markets, and local designers. The implications are starting to show in real-life terms — well-known retail chains are reporting markedly slower sales and are closing stores to try to stanch the bleeding. In turn, strip malls are suffering from decreased foot traffic, with even the upscale “A” malls losing some leverage in negotiating leases.
