Roughly a quarter of all U.S. malls will likely shut their doors within the next five years, according to a projection from Credit Suisse.

In a note published today, the Swiss bank estimated that between 20% and 25% of the nation's 1,100 shopping malls, about 220 to 275 shopping centers, will close by 2022.

The closures can be attributed to the rise of e-commerce and the increasing popularity of off-price chains, typically located outside of shopping malls, Credit Suisse noted.

The firm also estimates that e-commerce will grow to 37% of apparel sales from 17% of sales today by 2030.

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