2019 brought with it record store closures in the retail industry in the U.S. 2020 looks like it is about to be a lot worse.
With a coronavirus pandemic hitting many consumers across America, spurring them to stock up at the grocery store on essentials before they hole up at home to wait things out, many companies already struggling to keep their lights on could be forced to turn them off, for good.
Retail store closures this year are now on pace to be “double what we saw last year,” which was a record year, said Deborah Weinswig, CEO and founder of retail advisory and research firm Coresight Research. “I think that is already in motion. … If [COVID-19] stays longer, it will be greater.”
Last year, U.S. retailers ranging from Sears to Barneys New York to Charlotte Russe announced plans to shut more than 9,300 locations, up more than 50% from 2018, according to Coresight’s tracking. Previously, the record was for the 8,069 store closures announced in 2017.
There could be more than…