As many as 25,000 retail stores in the United States are expected to permanently close this year as consumer demand for discretionary items stalls and more people shift to online shopping, according to a firm that tracks the industry.
So far in 2020, more than 4,000 stores have said they will permanently close, according to a report released Tuesday by Coresight Research, a retail research and advisory firm. It anticipates closures will snowball and set a new annual record this year, breaking last year’s record 9,302 closures tracked by the firm.
Retailers have been slammed by the coronavirus pandemic and recession. Pier 1 Imports, JCPenney, and Tuesday Morning, which have all filed for bankruptcy, have announced intentions to close hundreds of stores. GNC and Victoria’s Secret are closing hundreds more.