Retail
Tightening belts
The last year has not been kind to bricks-and-mortar retail in the US. Even with end-of-the-year Christmas spirit in full effect, it’s been hard not to notice the empty shops lining some of New York’s most prestigious retail streets. But it isn’t just in cities; whole shopping centres in the US heartland are also emptying out. By all accounts this seems to just be the beginning of retail’s woes, with a quarter of the nation’s 1,200 malls expected to close by 2023. But what might 2018 hold? While retail has certainly wobbled, it is worth noting that it is the big-box players that have become overloaded with debt and are really suffering for it. For those smaller and more nimble businesses, 2018 may be their year – upstart clothing retailer Everlane has already dipped its toe into opening a physical location after finding success online. And with Westfield’s takeover by French property giant Unibail-Rodamco, could the suburban shopping centre see new ideas – and new life?