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.