Bloomberg: On a crisp Friday evening in late October, Shannon Rich, 33, is standing in a dying American mall. Three customers wander the aisles in a Sears the size of two football fields. The RadioShack is empty. A woman selling smartphone cases watches “Homeland” on a laptop.
“It’s the quietest mall I’ve ever been to,” says Rich, who works for an education consulting firm and has been coming to the Steeplegate Mall in Concord, New Hampshire, since she was a kid. “It bums me out.”
Built 24 years ago by a former subsidiary of Sears Holdings Corp. (SHLD), Steeplegate is one of about 300 U.S. malls facing a choice between re-invention and oblivion. Most are middle-market shopping centers being squeezed between big-box chains catering to low-income Americans and luxury malls lavishing white-glove service on One Percenters.
It’s a time of reckoning for an industry that once expanded pell-mell across the landscape armed with the certainty that if you build it, they will come. Those days are over. Malls like Steeplegate either rethink themselves or disappear.
Mall stores need simply use their physical inventory in the same manner that on line sellers use there's. That is, mainly direct customers to the goods they want. The cost of actual delivery is not the defining factor, its the inability of the government fiat to match retail inventory cycles with terms and rates on money. Online web bots do this implicitly, new technology smart currency can do the same for mall owners. Any given mall can have their own currency, customers can buy and sell the currency, leave it on account at the mall where it earns interest, of borrow from the mall currency bank, then do all their shopping in the mall currency, not the government fiat currency. The result is an automatic inventory counting system with which mall stores can match inventory with customer needs. Malls would revive, shopping at moll will work more like on line shopping, except the customer does the deliver function.
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