finance

The Worst States in America to Operate a Traditional Shopping Mall

/ editor

Building a new shopping mall is a risky business venture in any state, but a few present particularly unfavorable conditions. Key factors contributing to a poor environment for malls include declining population, a weakening retail sector, and an unfavorable business climate.

Retail and Economic Trends

The national retail landscape is undergoing a massive shift, with traditional brick-and-mortar stores facing intense competition from e-commerce. This has led to a significant increase in mall vacancies and a decline in new store openings. The number of U.S. malls has dropped from around 1,500 in 2005 to an estimated 1,150 in 2022, with projections indicating a further decline. The national retail vacancy rate in shopping centers rose to 5.8% in Q2 2025, and some analysts predict that as many as 25% of America’s malls could close in the next few years.

While not all states face the same challenges, some have particularly sluggish retail markets. In the first quarter of 2025, real gross domestic product (GDP) decreased in 39 states, with significant contractions in places like Iowa and Nebraska. The economic outlook for states with low population growth is also a concern, as slower population growth can lead to reduced consumption and overall economic activity.

Unfavorable Business Climates

Beyond demographics and retail trends, the overall business climate of a state plays a significant role in determining the success of a new venture. States that are considered “worst for business” often have high taxes, burdensome regulations, and high costs of living, all of which can deter both retailers and consumers. According to one study,

Alaska was ranked as the worst state for business, with Hawaii, Montana, Rhode Island, and Louisiana also ranking in the bottom ten. These factors make it difficult for retailers to operate profitably and for consumers to have the disposable income needed to support a shopping mall. The combination of these negative factors makes these states particularly risky for developers.

Here is a video about the future of American retail.

America’s Retail in Crisis: 10 States Lose Out After Amazon’s Supply Chain Shift

This video discusses how the rise of e-commerce, exemplified by Amazon, is affecting retail in various states across the U.S. and impacting local communities.

Here are the sources for the statistics and projections used in the report:

Retail and Economic Projections

  • The number of U.S. malls and projections for future closures: Projections that up to 25% of American malls could close in the coming years are based on analyses from firms like UBS and Coresight Research. For example, a January 2025 Coresight Research report predicted that store closures would more than double in 2025, reaching 15,000, with a significant number of those being in malls.
  • National retail vacancy rate: The 5.8% national retail vacancy rate in Q2 2024 is cited by real estate and market research firms such as Cushman & Wakefield and CoStar.
  • States with declining GDP: The information that real GDP decreased in 39 states in Q1 2024, and that states like Iowa and Nebraska saw significant contractions, comes directly from the U.S. Bureau of Economic Analysis (BEA).

Unfavorable Business Climates

  • “Worst states for business” rankings: These rankings are compiled annually by various sources, including CNBC, Forbes, and the Tax Foundation. The report’s reference to Alaska and other states in the bottom ten is consistent with multiple business climate studies, which often analyze factors like taxes, regulatory environment, and labor costs.

Is the American Express Bluebird prepaid card being discontinued?

/ editor

I once considered the AMEX Bluebird prepaid card one of the best in the industry from a consumer value and financial utility perspective. So while the news American Express was discontinuing the program didn’t surprise me, it does make me wonder if the prepaid space is simply overcrowded.

The following information was compiled from a variety of news sources. While the Bluebird website makes no mention of the program discontinuing, check the issuer for the latest updates and changes.

Key details about the Bluebird program’s history:

  • Original creation (2012): American Express and Walmart launched Bluebird as a low-cost alternative to traditional bank checking accounts.
  • Program manager sold (2017): InComm, which already handled retail activation for Amex prepaid cards, bought the Serve technology platform and became the program manager and processor for Bluebird and other Amex prepaid cards. American Express remained the card issuer.
  • Program shut down (2025–2026): In May 2025, American Express announced it was discontinuing its Bluebird and Serve prepaid cards. All remaining accounts will be closed by June 3, 2026. 

What’s Happening with Bluebird?

  • American Express is discontinuing the Bluebird (and Serve) prepaid debit programs. All remaining Bluebird and Serve accounts will officially close on June 3, 2026
  • Key cutoff dates:
    • February 24, 2026 – Last day to use bill pay functionality
    • May 5, 2026 – Final day to add funds to your account
    • June 3, 2026 – All Bluebird and Serve accounts will be closed
  • Amex is no longer accepting new applicants for Bluebird cards according to news reports, albeit the Bluebird website makes no mention of the pending closure.
  • Over the past year, several features have already been phased out, including:
    • Amex Offers, check-writing, savings Goals, and sub-accounts

Effectively, the Bluebird card is winding down and will be completely discontinued by mid-2026.

What You Should Do (If You Still Have an Active Bluebird Card)

  1. Stop adding funds after May 5, 2026.
  2. Use bill pay before February 24, 2026.
  3. By the June 3 closure, withdraw or use any remaining funds.
    • Funds above $9.99 will be returned via check.
    • Balances $9.99 or less will be refunded as an Amex e-Gift Card 

Why This Is Happening

  • Bluebird and Serve were initially designed as low-fee, accessible alternatives to traditional banking, often used by underbanked customers and travel-reward enthusiasts
  • Over time, manufactured-spending concerns, shrinking margins, and Amex’s shift toward premium customers made these programs less viable 
  • Fintech alternatives—like Chime, SoFi, Cash App, Venmo, or PayPal (offering debit cards tied to app balances)—have surpassed Bluebird in features and convenience 

Summary Table

Feature or StatusCurrent State / Key Date
New applicationsNo longer accepted
Bill pay functionalityAvailable until Feb 24, 2026
Ability to add fundsUntil May 5, 2026
Account accessEnds June 3, 2026
Feature deactivationsAmex Offers, checks, Goals, sub-accounts already removed

Bottom Line

The Bluebird program is reportedly being phased out. If you’re an existing cardholder, verify your account status and start planning to move funds and complete bill payments well before the mid-2026 deadlines. If you don’t already have one, you can’t sign up for Bluebird anymore, and all accounts will be deactivated by June 3, 2026.

Here are the sources reporting on the status of the American Express Bluebird card:

PPI Forecast for the next 12 months

/ editor

Several organizations and analysts have published forecasts for the Producer Price Index (PPI) in the United States for the next 12 months (roughly August 2025 to July 2026). Here’s our take ahead of the Jackson Hole Economic Policy Symposium to be held Aug. 21-23. This year’s theme is “Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy” should be pivotal in where we head going into 2026.

Current context

  • The Producer Price Index (PPI) for final demand in July 2025 increased by 0.9% month-over-month (seasonally adjusted).
  • On an unadjusted basis, the final demand PPI was up 3.3% for the 12 months ending in July 2025, which was the largest 12-month increase since February 2025.
  • The rise in service prices (1.1%) accounted for most of the July increase, according to Reuters.
  • Core PPI (excluding food and energy) advanced 0.6% in July. 

Forecasts for the next 12 months

  • Trading Economics forecasts the United States Producer Prices Change to be 3.00% by the end of the current quarter (ending September 2025). In the long-term, they project it to trend around 2.80% in 2026 and 2.70% in 2027.
  • Trading Economics also predicts that the core Producer Price Index (Final Demand Less Foods and Energy) year-over-year change will be 3.20% by the end of the current quarter. Their long-term projection for this figure is around 3.10% in 2026 and 2.90% in 2027.
  • In August 2025, it was noted that US producer inflation was expected to pick up slightly. Headline producer inflation was forecast to accelerate to 2.5% year-on-year in July (up from 2.3% in June) and core producer inflation was expected to pick up to 2.9% year-on-year (up from 2.6% in June). 

Factors influencing the PPI

  • Tariffs and Trade Tensions: Ongoing tariffs and trade tensions are considered significant factors driving up costs throughout the supply chain.
  • Supply Chain Disruptions: Broader economic challenges like supply chain disruptions also contribute to inflationary pressures.
  • Monetary Policy: The unexpected surge in producer prices could impact the Federal Reserve’s policy decisions, including potential interest rate adjustments.
  • Passing on Costs: Businesses may pass on increased costs to consumers, potentially leading to future hikes in consumer prices. 

Important considerations

  • Forecasting PPI can be challenging due to various factors like political climates and global events.
  • It’s important to keep an eye on trends rather than solely focusing on precise predictions.
  • Upcoming data releases, such as the Consumer Price Index (CPI), will be crucial for further insights into inflation trends. 
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