What The Retail Apocalypse Means For The American Economy
The retail apocalypse over the past several years has devastated America’s department stores, chains and mom-and-pops. Stores are closing at record levels. The number of people working in retail is on the decline. And all of that has happened at a time when the economy was strong. But if the United States slips into a recession, as many economists fear it will sometime next year, the problems plaguing retail could get far worse. Store closings could accelerate and layoffs in the sector — a major provider of American jobs — could spread. “Brick-and-mortar retailers are already in recession,” said Mark Zandi, chief economist for Moody’s Analytics. “They’ve been laying off workers coming up on three years. And this is a time when consumers are out spending aggressively. If the broader economy is in recession, there is going to be blood in the streets.” Read more at CNN Business.
