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The US could see 20,000 to 25,000 store closures as coronavirus-spurred joblessness and sheltering in place have decimated brick-and-mortar retail sales, according to stats released Tuesday. Coresight Research’s data also indicate that 55 percent to 60 percent of the unlucky retailers reside in malls. It’s sobering news for physical retailers of all locations, given that …
The US could see 20,000 to 25,000 store closures as coronavirus-spurred joblessness and sheltering in place have decimated brick-and-mortar retail sales, according to stats released Tuesday.
Coresight Research’s data also indicate that 55 percent to 60 percent of the unlucky retailers reside in malls.
It’s sobering news for physical retailers of all locations, given that earlier 2020 estimates by Coresight predicted just 15,000 stores would shutter this year.
Many stores are reporting that boosts to online shopping during COVID-19 lockdowns simply don’t compensate enough for the loss of sales at stores.
Already 2020 has seen once-mighty retail giants JCPenney, Pier 1 and Neiman Marcus file for bankruptcy.
