Shopping Centres are currently going through massive changes throughout the world, due in large to the huge growth in Online Shopping. Resulting in traditional shopping centres and high streets going through a rapid decline, within the last 5 years. Shoppers have changed their purchasing habits, by buying online to save themselves money, so retailers have really struggled. The majority of once thriving city centres have become dilapidated, full of empty stores, with sales down and fewer people visiting.
There has already been some small re-adjustment, with many redundant stores being converted into coffee shops and hairdressers. “I think it’s a long-term, straight line decline and it’s happening all around Europe,” Richard Fleming, managing director and head of European restructuring at consultancy Alvarez & Marsal has stated.
As access to goods becomes so effortless, nothing is driving customers to invest time and effort in going shopping, resulting in the last 5 years many famous retailers going bust, with several other retailers, are on the brink. Kodak, the camera giant that went bust, is a byword for businesses that fail to see the wind changing direction and