President Donald Trump’s net worth declined by more than $600 million in the past year, according to the Forbes 400 List of the richest people in America. However surprising Trump’s loss may be, the reason for it is even more unexpected. Trump’s real estate holdings, specifically those in New York City, have taken a big hit in the past year, as retail values are struggling in response to Amazon’s e-commerce gains.
...Appearing on CNN Tuesday, Forbes assistant managing editor Kerry Dolan leveled blame for Trump’s real estate losses on e-commerce’s domination over retail, mentioning Amazon. Specifically citing the lease of the Niketown store and the Trump Tower property, Dolan said that retailers are suffering—even on the high end. It would appear that Amazon’s strategy of e-commerce over brick and mortar retail is winning, and that is having an effect on real estate values, she added.
Monday, April 09, 2018
The Real Reason For The Trump-Bezos Rivalry