Mom-and-Pop Shops Are Threatening the Mall This Holiday Season [Bloomberg Business News]
Mastercard Incorporated (MA)
Last mastercard incorporated earnings: 4/29 08:00 am
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Source: Bloomberg Business News
More bad news for America’s shopping malls: Consumers are shopping closer to home. And increasingly, home is not where the malls are. Spending growth at mom-and-pop businesses has outpaced that of the big chains in the past two years, according to Sarah Quinlan, senior vice president at credit-card giant Mastercard Inc. , which tracks purchasing patterns. When they’re not shopping online, Americans are seeking more personal connections and advice -- something they can find lacking at national retailers. “The consumer is shopping small,” she said. Big chain stores still account for the majority of shoppers’ purchases, according to Mastercard. But many of the most affluent consumers are now clustered in walkable neighborhoods, letting them skip the mall in favor of neighborhood hardware stores, bookshops and grocers. And they’re willing to pay the higher prices, Quinlan said. That doesn’t mean malls are going away. The A-rated shopping centers -- the indust
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