6,300 Stores Close As Consumers’ Buying Priorities Change

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2020 has proven to bring an apocalypse down on the retail business in the U.S., among other things it has brought to the world. More than 6,300 world-renown retail stores have confirmed that they are all closing this year, right after a record-high rate of branch shutdowns that already closed last year.
Retailers such as Microsoft, GNC, Stein Mart, Victoria’s Secret, Lord & Taylor, JCPenney, Nordstrom, Sears and Men’s Wearhouse are just among the few that are planning to close various branches all over the country.
According to an analysis created by Business Insider, over 9,300 store closings were announced in 2019, which smashed the previous record in 2017 that had roughly 8,000 store closures.
It is highly possible that the number of closings we will experience this year could be the highest based on previous records. This estimate has been studied by the real estate firm Cushman & Wakefield even before the coronavirus pandemic rocked all business to vulnerability. Last year, the firm had already estimated that as many as 12,000 chain stores would be closing in 2020. With no clear outlook as to when the pandemic will come to an end, this difficult situation is putting even more stores and brands in danger of closing, as retailers struggle with trying to survive despite the massive drops in sales from losing all foot traffic.
As of late, retail companies have already confirmed the closure of 6,300 stores, according to the analysis provided by Business Insider.
Take a look at all the stores expected to close this year. Some of them might be near you.