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| The old economy is gone. Here’s what’s taking shape in its place. Then: Let’s talk about those “murder hornets.” |
The American economy is about to endure a once-in-a-generation kind of retooling, one that’ll both decimate and reshape our storefronts. As this recession deepens, keep your eye on these four economic trends, as noted by our writers:
Many mom-and-pop shops won’t make it.
The great die-off is here, our staff writer Annie Lowrey reports. “Small businesses went into this recession more fragile than their larger cousins,” she explains. And congressional relief has been “too complicated, too small, and too slow for many firms.”
Big businesses will own a larger chunk of the economy.
Or, as Annie puts it: “The pandemic will mean the triumph of franchise chains over mom-and-pop shops, of C-suite executives over entrepreneurs working in their basements.” And the U.S. economy will be less competitive as a result.
That’ll leave cities feeling awfully similar …
… perhaps triggering an exodus. “Many thousands of young people who might have giddily flocked to the most expensive downtown areas may assess the collapse in living standards and amenities and decide it’s not worth it,” Derek Thompson, who wrote about American’s shrinking cities, argues.
Deliveries will replace face-to-face transactions.
Online shopping is predicted to take up a greater share of total retail sales. “If stores are off-limits to the masses, then mass commerce must shift to the internet,” Derek points out.
Read: The Small Business Die-Off is Here
