The economy is changing. Some of us think it’s for the better, some are sure it’s for the worse. That’s fairly typical; economies change constantly. The important thing is to understand how and why it’s changing.
The other night, John Oliver pointed out that our president is focusing on trying to bring back 50,000 coal mining jobs. This effort comes at a time when major retailers are laying off people and closing stores around the country. JCPenney, which employs more than 100,000 people, is shedding more than 100 stores and cutting back employment at those that remain citing “an expense challenge.” Each of the job reductions affects the local economy directly and the local real estate markets, just as the loss of those coal jobs affect the local economies around the mines.
We’ve already been through several industry losses in this country. Small family farms are about as common as Nonagenarians and about as healthy. Small family shops went the same way, being replaced by bigger stores like JCPenny and Walmart. Now it appears that the big stores may be going the way of the small mom-and-pop stores.