What in the world is causing the retail meltdown of 2017?

© Ritu Jethani | Dreamstime.com - Ralph Lauren store in New York

Fascinating long read from The Atlantic on the crisis consuming the US retail market. It is hugely incongruous that in a period in which the US economy is getting stronger – the unemployment rate is among its lowest levels ever, wages have been rising over the past 18 months, particularly in low-paid professions, and fuel prices continue to be low. Yet, already this year there have been nine major retail bankruptcies and nearly a 1,000 store closures. Even Ralph Lauren has announced it is to close its iconic Fifth Avenue store in New York. Yes, e-commerce is a factor, but it also transpires that the retail industry’s problems are as much to do with the overbuilding of malls and a surprising resurgence in the restaurant business, as it is to do with the rise of Amazon.