(Bloomberg)—More bad news for America’s shopping malls: Consumers are shopping closer to home. And increasingly, home is not where the malls are.
Spending growth at mom-and-pop businesses has outpaced that of the big chains in the past two years, according to Sarah Quinlan, senior vice president at credit-card giant Mastercard Inc., which tracks purchasing patterns. When they’re not shopping online, Americans are seeking more personal connections and advice — something they can find lacking at national retailers.
“The consumer is shopping small,” she said.