A quote from the piece:
“This is creative destruction at its best,” said Mark Zandi, chief economist at Moody’s Analytics. “We are downsizing a part of the economy that is uncompetitive. While painful for those in the middle of it, this is how we grow and wealth is created.”
I hate this kind of language and the people who speak it.
Sidenote: I’ve heard from politically connected people in London that there is the sentiment that London, and the UK, is grossly “over-shopped”, i.e. that we have too many shops per capita, that there are too many coffee shops, restaurants and all the rest of it. This is somewhat true - there is more retail space than ever in the UK and also the US. Hence, with rising taxes and rents, there is a lack of sympathy. Perhaps they should consider turning all the excess retail space into housing… (Considering the number of homes in converted pubs, I don’t feel like this is ridiculous).