As many as 25,000 retail stores in the US are expected to permanently close this year as consumer demand for discretionary items stalls and more people shift to online shopping, according to a firm that tracks the industry. https://t.co/YBtxX6ESte— CNN (@CNN) June 9, 2020
Things in the retail world keep getting bleaker.
Retail tracker and research firm Coresight Research expects 20,000-25,000 retail stores will close by the end of 2020, over double the record-breaking 9,300 store closing that happened last year. 4,000 stores have closed permanently over the past 5 months.
Coresight states the large number is due to consumer demand, confidence, and spending stalling, and staying that way "for some time." A report from a separate firm believes pre-covid retail sales numbers won't return until 2022 (but expects e-commerce to surge).
Here's a list of what's already been announced to be going:
All Stores Closing: Wilson's Leather, G.H. Bass, Pier 1 Imports, Papyrus, A.C. Moore, Bose, Neiman Marcus Last Call, Modell's, John Varvatos, True Religion, Roots, brands by Stage Stores.
JCPenney -- around 250 of its 840 stores
Tuesday Morning -- 230 stores, though its speculated all 687 will close after bankruptcy court dates.
Nordstrom -- 16 stores
L Brands -- 250 Victoria's Secret and 50 Bath & Body Works.
Sears/K-Mart -- somehow they are still around, but 150-160 stores won't be returning.
GameStop -- 320
Brooks Brothers -- 8 stores but more expected as bankruptcy rumors linger.
Macy's -- Expects to close hundreds of stores but has yet to announce how many or when.
Lord & Taylor -- Expected to close its remaining 40 stores, but again, no announcement made.
While they made bankruptcy filings, J.Crew and Aldo have yet to announce any store closings. Ascena Retail Group (Justice, Loft, Ann Taylor, and Lane Bryant) is expected to announce bankruptcy soon.