The retail apocalypse shows no signs of slowing down.
Eight months after 2019, 29% more store closures have been announced than in all of 2018, according to a new report by the global marketing research firm of Coresight Research.
According to the Agency figures mentioned above, retailer earnings reports, bankruptcy applications and other records, more than 7,600 stores are scheduled to close this year and thousands of locations have already left.
The bankrupt footwear company, of Payless that closed its remaining US stores at the end of June, accounts for approximately 37% of the closures.
Sales and settlements of “other companies that leave the business” are expected to continue. Coresight’s estimated closures could reach 12,000 by the end of the year, according to the report.
Coresight, which has offices in Manhattan, London and Hong Kong, tracked the 5,864 closures in 2018, which included all Toys R Us stores and hundreds of Kmart and Sears locations.
Walgreens store closures – Walgreens plans to close 200 stores in the US.
Some of the closures announced may move to 2020, as was the case with several closures announced at the end of 2018, such as Lowes, Gap Inc. announced on February 28 that it would close approximately 230 stores in two years. Some retailers are also opening new stores while closing locations such as Bath & Body Works and Abercrombie & Fitch.