10,000 Stores Are Expected To Close In 2021, As Pandemic Continues To Pummel Retailers
Jan 28, 2021
One retail research and advisory group is forecasting there could be as many as 10,000 store closures announced by retailers in the United States this year, which would set a new record, as the Covid pandemic continues to take a toll on the industry and companies rethink how many locations they’re able to keep open. 10,000 closures would represent a 14% uptick from 2020 levels, Coresight Research said in a report released Thursday. Coresight is also forecasting retailers will announce 4,000 store openings in 2021, driven by growth from grocery discounters and dollar store chains. Read more at CNBC.
I am getting what I wished for – – – a reduction of the absurd level of mass overkill in our markets. Oversupply = competition based mostly on price, not quality, uniqueness, etc. These stores they’re talking about are funded by stocks or hedge funds or something other than locally owned and independent stores. Downward pressure on them is wind in the sails of adroit, opportunistic indies. A return to the days when any metro would feature local store after local store is not a terrible thing to contemplate.
Having built it, it hurts when they end it. A LOT of jobs will be lost. Short term difficulty, though, should mean longer term health of the industry WE are charged with protecting.