And all of that has happened at a time when the economy was strong. Stores are closing at record levels. Through July 5, 2019, large U.S. retail chains announced 7,062 store closures, according to Coresight Research.That compares with 5,864 store closings for all of 2018. Macy's is closing all of its stores nationwide, effective at the end of business March 17 through March 31, to try to help curb the spread of COVID-19. ... Payless Shoesource and Sears due to bankruptcy, among other store closures. Clarks is the latest retailer to close stores due to the coronavirus outbreak (Image: Birmingham Mail). Economy ‘Retail apocalypse’ now: Analysts say 75,000 more U.S. stores could be doomed. The collapse of America’s middle class crushed department stores. Recent news stories show that American retail is in a desperate situation and the entire economy is on very shaky ground. CREDIT: Gene J Puskar/Rex Shutterstock From city streets to strip malls, empty storefronts will … Whereas, Retail is a method of providing products and services to customers through multiple channels of distribution. The closures are a … They stopped selling shoes and closed their retail stores, shifting to online only. The New York City-based gourmet foods retailer filed for bankruptcy on March 31, one of the first businesses to show signs of trouble due to coronavirus … E-commerce sales nationally - which included catalog sales - were up 14.6 percent in 2015 from the previous year, while retail sales for physical stores rose by a fraction of that - just 1.4 percent, according to the U.S. Department of Commerce. Somerset-headquartered Clarks shoes announced it was temporarily shutting its 441 UK, Ireland and US stores on Friday (March 20).. Staff working for the business will be paid during the closure, according to the company. What stores are closing due to the coronavirus. According to PwC, 2,692 shops shut across the UK in the first half of 2018, while only 1,569 new stores opened. First, although rising wages are obviously great for workers and the overall economy, they can be difficult for low-margin companies that rely on cheap labor—like retail stores… Big names including Marks & Spencer, Debenhams and House of Fraser also closed stores. ... Payless ShoeSource, which filed for Chapter 11 bankruptcy protection in February, is closing … Minnesota retail closures have ramped up in recent years. With department store giants such as Sears and J.C. Penney closing flagship stores at a rapid pace, the retail sales decline has been making … 7-Eleven has announced it will close 300 stores, while Midwestern chain Family Video is closing its remaining 250 locations, ending its 42-year-old run. I never understand how so many of these stores were going to survive in a good economy, let alone during this crisis. Ascena Retail … The retail apocalypse over the past several years has devastated America’s department stores, chains and mom-and-pops. On March 15, Nike announced that all stores in the United States, Canada, Western Europe, Australia and New Zealand would be closed through March 27 due to COVID-19. Amazon and … Bench Flickr/BargainMoose At the end of January 2020, Freemark Apparel Brands, the company that has the rights to sell Bench merchandise in Canada, announced that it would be closing all of its Bench stores to focus on e-commerce and wholesale clients. I predict that you will see many "luxury brand" stores closing and going back to depending on wholesale to retailers like Holt Renfrew, Harry Rosen and Saks Fifth Avenue. Nordstrom was unable to go private in 2017 due to the retail apocalypse. Apple Inc. is closing more than 20 retail stores across Texas, Georgia and North Carolina after Covid-19 cases continue to spike in those states. 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