Retail Store Closures Could Reach Record Numbers by End of 2019
Retail Store Closures Could Reach Record Numbers by End of 2019

7,062 closures have been reported by U.S. retailers this year in a landscape that has been increasingly competitive.

In the wake of e-commerce giants such as Amazon, brick-and-mortar retail operations continue to suffer mass closures as reported by CNBC. This year’s closures have already surpassed last year’s 5,524 according to CoreSight, a record low following 2017’s all-time-high of 8,139. Only a little over halfway through the year, 2019’s closures are on trend to exceed 2017’s record and potentially even reach 12,000 closures overall. 

Younger, internet-based and e-commerce brands are taking over the retail industry. This shift has also had an effect on major U.S. mall-owners such as Simon and Macerich, who have been feeling the downtrend of once-popular department stores for at least a decade.

As retailers try to reinvent the mall-model and drive more business to physical stores, many popular brands are filing for bankruptcy or shuttering dozens of locations. Among these national brands are Fred’s, Charming Charlie, Bed Bath & Beyond, CVS, Dressbarn, Party City, Victoria’s Secret and more. 

Read more about the future of the retail industry and what this could mean for consumers and business-owners alike here.

 

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