Brick & Mortar Meltdown reaches “Crown Jewel in American retailing.”
Brick and mortar stores face a tough environment. Retail is shifting to online operations. E-commerce sales have surged at an annual rate of about 15% in recent years. But sales at department stores and smaller stores are deteriorating. Malls have hit hard times. Retail bankruptcies have formed a horrific litany. And the signs are visible everywhere.
So here is the excerpt of an essay with haunting, beautiful photos of this meltdown as seen from the sidewalk on Manhattan’s glorious Madison Avenue, “Crown Jewel in American retailing.” The essay, “Walking the Avenue with a Camera,” was originally published on New York Social Diary, a great place to read about the goings-on in New York City.
H/t reader squodgy:
“So, the odds of a surge in retail diminish daily.
I wonder what alternative use, other than soup kitchens and homeless shelters, can be found for these properties.
As their owners hemorrhage because on reduced income but increased service & maintenance, the ghettoisation of the city looks to be the next stage.
Again, we have been forecasting this since before 2007, as it became clear world debt was unsustainable, but were laughed at. We are not gloating, because we will all suffer, but still nobody gets together to tackle the real cause of the problem, the banksters, their FIAT money and their hierarchical structure of power.
Until that is removed, we will be enslaved.”
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