Great piece on culture and economic development….
The American mall of the future may look a lot like the kinds of public markets traditionally found in towns and cities in the developing world.
The recession and the rise of e-commerce have left many U.S. shopping malls nearly vacant or completely dead. A new mall hasn’t been built in the United States since 2006, and growth in brick-and-mortar shopping centers has slowed to a crawl. Business owners and mall managers are looking for ways to bring their properties back to life — and they increasingly they see Hispanics as a vital part of the solution.
One in every six Americans is Hispanic, up from one in sixteen in 1980. The Hispanic population in the U.S. today is over 52 million and counting. And with a buying power of $1.2 trillion, Hispanic consumers are fast becoming a valued prize to be won by American businesses.
But some question whether…
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