“Casual dining restaurants face a uniquely challenging market today. Millennial consumers are more attracted than their elders to cooking at home, ordering delivery from restaurants and eating quickly, in fast casual or quick-serve restaurants. Mall traffic has slowed. And, surprisingly, television viewership of sporting events (important for us, especially) is down.”Smith Continue reading "America’s dying malls weigh on retailers"
Last year was a terrible year for brick-and-mortar retailers as layoffs and bankruptcies climbed. But 2017 is shaping up to be even worse, particularly for those located in a mall. Since the start of this year, an alarming number of companies have been making references in their filings to “mall traffic.” And both the number, and the tone, add fuel to the notion that the country’s malls are in accelerated decline. Consider this letter to shareholders written by Buffalo Wild Wings President and Chief Executive Officer Sally Smith that was disclosed in the company’s recent proxy filing: