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Mike Ullman says shopping malls are dying

Predicts the demise of 900 over the next five years

Mike Ullman (Credit: CNBC)

Former J.C. Penney CEO Mike Ullman believes that only 300 of the current 1,200 malls in the US will survive. He sees the rest closing over the next five years as e-commerce companies continue to thrive, according to Axios.

Retail Apocalypse: With 12 US retail chains having filed for bankruptcy this year, there are gaping vacancies in shopping malls. With Sears closing another 40 stores, the trend will unfortunately continue. 

Key to survival: Have access to cash or financing to adapt to the new ‘experiential retail’.

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