According to a research report from brokerage firm Credit Suisse, over 8600 retail stores are projected to close down by the end of 2017. The current record for the amount of stores closing was in 2008, when 6,163 stores shut down. The report says, "Barely a quarter into 2017, year-to-date retail store closings have already surpassed those of 2008." With the development of ecommerce businesses like Amazon, many big businesses have announced that they're shutting down all or a large majority of their stores. These businesses include Bebe, JCPenny, Payless ShoeSource, and Macy's.
This economic trend is a direct result of the increasing presence of internet businesses. Online companies are replacing the day to day physical retail shops because their relative convenience. This record breaking amount of stores shutting down is similar to the many businesses and banks shutting down during the Great Depression and the 2008 economic recession.
http://money.cnn.com/2017/04/22/news/credit-suisse-retail/index.html
I like your synthesis! this can also be synthesized to the first time people started to shop and resort to online things once the internet gained popularity.
ReplyDeleteHmm I suppose this is somewhat good for internet businesses, but I hate to think of all the jobs that will be lost.
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