There are around 26 square feet of retail space for every person in the US, compared with about 2.5 in Europe, says Josh Sanburn on Time. So it’s no wonder the trend towards online shopping (which makes up 10% of America’s total retail sales) is taking its biggest toll across the Atlantic.
Credit Suisse has calculated that 8,640 shops with a collective 147 million square feet of space will be shut this year – a record tally that exceeds closures seen after the dotcom slowdown or the 2008 financial crisis. Employment in the retail sector is also slipping, even though the overall job market is buoyant.