Terrific piece from Bloomberg about the extent and likely implications of the ”retail apocalypse” that is suggests is “just beginning” in America.

The story makes the point that while e-commerce certainly is a piece of this - more stores are closing each year than are opening, as bricks-and-mortar stores are less important than in the past - there’s also the issue of crushing debt loads, unstable balance sheets, and an over-stored environment that makes it incredibly hard to survive.

It is really worth reading, if extremely sobering, and you can see it here.