In this video, I talk with author and economic analyst John Sneisen @TheEconomicTruth about the continuation of the incredibly epic retail apocalypse which has claimed countless massive businesses and seen bankruptcies across the board.
Sears has just announced that they will be closing 72 more stores and have identified 100 stores on top of that which are not profitable and are set to be shut down in the near future.
This comes soon after news broke that many mall owners are looking at using the space where major box stores once stood and utilizing them as apartments and hotels to actually see cash flow.
As Amazon takes over under the guise of convenience while getting billions of dollars of subsidies, the once massive monopolies are closing their doors. Sears is one of dozens of major businesses closing down locations and laying off employees all over the United States, Canada, Britain and elsewhere.
As John mentions, while it has a lot to do with online sales, it also has a lot to do with absolutely astronomical debt build up which is simply unsustainable and has to come down.
People do not have the money they once had on average and people can't go buying overpriced plastic toys at Toys R Us, or overpriced shirts at Sears or Zellers. Macy's which once bragged of being the biggest store in the world cannot make ends meet anymore. We wonder what will happen to the Macy's Thanksgiving Day Parade in New York!
People must cut costs and so must mall owners. We are living in an indebted time and the only way out is individual financial responsibility and self sustainability. It comes down to the individual, not some bank or government. You are the change you wish to see.
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That was a bad store to begin with lol
I read up somewhere the Sears Canada CEO had a bodyguard with him when he goes out due to the threats he’s gotten.
In Germany the big old shopping houses like Karstadt and Wertheim shrunk more and more. They got eventually replaced by US-style shopping malls where individual businesses rent a small store and share the place with other businesses.
Hmmm. This is serious
There large chunks of northern Illinois that look like ghost towns .