If you were feeling pretty good about life on the way into your cushy corner office gig on Monday, let some depressing musings from Alibaba's (BABA) chairman Jack Ma sink in a bit.
"In the next 30 years, the world will see much more pain than happiness," Ma said of job disruptions triggered by the rising power of the internet. "Social conflicts in the next three decades will have an impact on all sorts of industries and walks of life."
Ma made these rather unusual (for him) comments in a speech to an entrepreneurship conference in Zhengzhou, China. Hey, the guy isn't too far off here, even if his comments are as enjoyable pouring a bucket of ice water down your pants.
Take for instance the increasingly worse state of retail in the United States. What we are witnessing right now with mass bankruptcies and store closures -- fueled by the rise of Amazon (AMZN) and internet shopping -- is something most of us have never seen before.
The number of retailers filing for Chapter 11 bankruptcy is approaching its highest level since 2008 and 2009, according to Bloomberg data. About 2,880 stores have closed so far this year, compared with 1,153 at the same time last year, says Credit Suisse. By some estimates floating around, thousands more stores will need to close so retailers can operate profitably in the age of digital.
Hat tip to you, Mr. Ma, for keeping it real.
By: Brian Sozzi (The Street).
Photo: Business Insider.
Review: Emerging Market Formulations & Research Unit, Flagship Records.