Although it’s not quite the retail apocalypse, the industry has seen thousands of store closures this year, mostly because of a number of brands declaring bankruptcy.
According to a new report from Coresight Research, as of July 31, 2019, 7,567 stores have closed, with Payless closing the most: 2,100 stores. In all of 2018, 5,524 stores closed. However, it’s not all doom and gloom: So far this year, 3,064 stores have opened, whereas only 3,083 new stores opened in 2018.
It’s an interesting time in the industry, as latest earnings reports and news show the retail industry is still figuring out how to bring customers back—while other looming factors like the upcoming tariffs on Chinese-made goods and a potential recession are top of mind for executives.
Payless had the highest amount of store closures, but other retailers like Gymboree and Charlotte Russe declared bankruptcy.
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