As Many as 25,000 U.S. Stores Could Shut Down This Year, Crippling Malls, and Obliterating Last Year’s Record

As many as 25,000 stores could close in the US this year, according to a new report from Coresight Research.

Coresight, which had previously forecasted around 15,000 closings for the year, updated its estimate on Tuesday in light of the “escalating impact of the coronavirus pandemic,” it said.

Of the 20,000 to 25,000 closings it anticipates, around 55% to 60% of these stores will be located in malls, and “apparel retail and department stores look set to feature prominently,” it said.

Retailers across the US have been reeling from the impact of the pandemic, which has kept many stores closed since mid-March. So far, nearly 4,000 stores have closed in 2020 as legacy names such as Victoria’s Secret, Gap, and JCPenney have been forced to trim their store fleets. . .

Its 20,000 to 25,000 estimate would smash last year’s record number of store closings where more than 9,300 locations closed and many retailers filed for bankruptcy. (Read more from “As Many as 25,000 U.S. Stores Could Shut Down This Year, Crippling Malls, and Obliterating Last Year’s Record” HERE)

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