China losing physical retailers to online

Shopping centers in China are closing down at higher rates as more and more Chinese consumers choose to shop online. The amount of commercial space continues to grow, as local governments sell land-use rights to real estate developers in order to raise money. However, brick-and-mortar retailers are unable to compete with the low overhead and costs associated with selling online. Both national and international stores are closing down, including the recent announcement that British retailer Marks & Spencer will close five department stores in Shanghai. Story