The retail apocalypse has claimed 6,000 US stores in 2019 so far, more than the number that shut down in all of 2018
The retail apocalypse is raging on with almost 6,000 store closings announced so far in 2019 — more than the entirety of last year.
According to a new report from Coresight Research, US retailers have announced 5,994 store closings this year, compared with 5,864 store closings in all of 2018.
The recent announcement by the pharmacy retailer Fred's that it would close more than 150 underperforming stores sees it join a growing list of retailers that are shuttering brick-and-mortar stores in a bid to save money during the rise of e-commerce.
Coresight Research CEO Deborah Weinswig predicted that this trend would continue. "The flood of store closures will likely continue for quite some time," she said.
An April UBS report predicted that 75,000 stores would close across North America from this year to 2026. It said e-commerce would make up a quarter of total retail sales by then.