The Retail Apocalypse Will Claim 4,300 Stores This Year. Here’s Why Mall Giants Aren’t Freaking Out.
by MR Magazine Staff
Mar 05, 2019
More than 4,300 department stores are set to close this year as the retail apocalypse rips through Payless ShoeSource, Gymboree, JCPenney, Gap, Victoria’s Secret, and Sears. But one Wall Street analyst says mall giants should easily weather these closures. Gap said Thursday that it would close 230 namesake stores over the next two years as it reported that same-store sales fell 7% during the holiday quarter. The company also said it would spin off its Old Navy brand. On the same day, JCPenney said it would close 27 stores in 2019 as its same-store sales fell 4% during the fourth quarter. Additionally, Victoria’s Secret’s announced it was shuttering 53 locations this year, citing a “decline in performance.” R
