Key Points
UBS says apparel spending continues to move online, away from bricks-and-mortar stores, with about 25% of total apparel sales in the U.S. taking place on the internet.Shoppers walk through the food court at the Easton Town Center Mall in Columbus, Ohio.More and more people are going to the mall to eat at the food court, not to buy clothes, according to a survey from UBS.
The investment bank said apparel spending continues to move online, away from bricks-and-mortar stores, with about 25% of total apparel sales in the U.S. taking place on the internet today. It expects that to grow to 31% by 2023. "Shoppers say they increasingly go to the mall to eat at the food court or just hangout instead of visiting a big box store," analyst Jay Sole said. "Since the mall is no longer the place consumers discover fashion, it makes sense the reasons they visit the mall are changing. ... For the sixth straight year, U.S. consumers say the availability of online shopping is causing them to visit large regional and outlet malls less.
Sigh... Naan N Curry. 🤤