Good point. Are we just seeing the creative destruction of brick and mortar as the net takes over? That’s part of the equation but there’s more...
Looks like more of the same slow but positive economy for now. Given the demographic condition we will finally improve into a normal growth economy during the period 2022-2025.
We still have a ways to go. We are still working off the excess capacity of having 80 million people reaching their peak spending age at about the same time. Now that 80 million group has passed peak spending age. The new group coming up is in extended adolescence, and spending on student loan payments, which produces nothing for the economy.
The cross-current mean continued stagnation for now.
“destruction of brick and mortar”
I think it is more than high cost of labor with Obamacare mandates and the refusal of retail landlords to make reasonable deals that factor in the higher cost of labor and its government mandated health care coverage.
Also, UPS delivery people must be in good physical shape, so their health care costs are less.