Retailers Announced Record Store Closures In 2019. Here’s A List
2019 has been a record year for store closures in retail. In the U.S., retailers this year have announced plans to shut more than 9,300 locations. That’s up more than 50% from the total announced closures in 2018, which amounted to 5,844, Coresight said. Previously, the record was for the 8,069 store closures announced in 2017. Bankruptcies continued to be a driving force. This included announcements from Sears, Forever 21, Payless ShoeSource and Destination Maternity. Many names on the list are apparel chains, including Gap. More and more shoppers are either turning to Amazon to buy home accessories, or to places like Stitch Fix and Rent the Runway to stock their closets. That has put pressure on businesses that have failed to invest in their stores and websites, or to keep their inventories fresh. Read more at CNBC.
