Sears Closing Could Mean Trouble For Malls
Online shopping is getting at least part of the blame after a warning from Sears that it may go out of business.
Sears Holdings says "substantial doubt exists" that the company can continue after years of declining sales.
It's lost nearly $10-billion over the past ten years.
Business analyst Tony Chapman believes online shopping is a key factor in the demise of department stores. "I think one day, in the very near future, we are going to wake up and go what happened to retail that we used to love? What happened to our Macey's that we used to wonder around? Why are they suddenly massage parlours and nail parlours? We have lost a lot of that which used to define who our city was and it is because the consumer benefit from online is so strong."
Champan told AM800's 'The Afternoon News' the closure of Sears could leave malls in a difficult position as many have Sears as a major tenant.
The company has been a part of Devonshire Mall since 1970 and employs 200 people.
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