For more than two decades, a structural force has been reshaping North American retail: the systematic erosion of the mid-tier. Brands and formats that once thrived serving middle-income consumers found themselves caught in a fatal no man’s land – too expensive for the price-sensitive shopper trading down to Walmart, Temu or Shein; too ordinary for the affluent consumer seeking premium experiences or luxury brands.
The death of the shopping mall, and the rot at the heart of our society
