© USA Today
Six months into 2019, there have already been 20% more store closings announced than in all of 2018, according to a new report from global marketing research firm Coresight Research.
Based on Coresight Research's figures and retailers' earnings reports, more than 7,000 stores are slated to shutter this year with thousands of locations already gone.
Bankrupt footwear company Payless ShoeSource, which closed its remaining U.S. stores last week, accounts for about 37% of the closings.
The "going-out-of-business" sales and liquidation of other brands is expected to continue. Coresight estimates closures could reach 12,000 by the end of the year, the report said.
Coresight, which has offices in Manhattan, London and Hong Kong, tracked the 5,864 closings in 2018, which included all Toys R Us stores and hundreds of Kmart and Sears locations.
The record year for closings was 2017, with 8,139 shuttered stores, Coresight found. This included an earlier round of Payless closings, the entire HHGregg electronics and appliance chain, and hundreds of Sears and Kmart stores.
The pain is expected to continue into future years, according to an April report from UBS Securities. UBS analysts said 75,000 more stores would need to be shuttered by 2026 if e-commerce penetration rises to 25% from its current level of 16%.
A separate analysis by UBS said tariffs on Chinese imports could put $40 billion of sales and 12,000 stores at risk.
"The market is not realizing how much brick & mortar retail is incrementally struggling and how new 25% tariffs could force widespread store closures," UBS analyst Jay Sole wrote in the May report. "We think potential 25% tariffs on Chinese imports could accelerate pressure on these company's profit margins to the point where major store closures become a real possibility."
Thousands of locations have already closed this year with the final Payless stores finishing their liquidation sales in June. All Charlotte Russe stores closed in April but the company's new owner has started to open new stores.
Payless ShoeSource: 2,589 (includes 248 Canada locations and 114 smaller-format stores in Shopko Hometown locations).More closings
Gymboree/Crazy 8: 749
Dressbarn: 649. Here are the locations that closed in June and closing in July.
Charlotte Russe: 494; but the company's new owner is opening new stores.
Shopko: 371
Charming Charlie: 261
LifeWay Christian Resources: 170
Topshop: All 11 U.S. stores
Henri Bendel: 23
E.L.F. Beauty: 22
Some of the announced closures may carryover into 2020, which was the case with several closings announced in late 2018 such as Lowe's, Sears and Kmart. Gap Inc. announced Feb. 28 it would close roughly 230 stores over two years. Some retailers also are opening new stores while closing locations including Bath & Body Works and Abercrombie & Fitch.
Family Dollar: As many as 390 stores*Pier 1 Imports store closings: Retailer plans to close 57 stores, and more closures could be coming, interim CEO says.
Fred's: 442; the company said it would close another 129 stores with going-out-of-business sales beginning Friday.
Chico's: 74, but 250 over the next three years.
GNC: 233
Gap: Roughly 230 in next two years
Walgreens: 195
Foot Locker: 165, total includes closings outside of the U.S.
Signet Jewelers: The parent company of Kay, Zales and Jared said it would close another 150 stores.
Pier 1 Imports: 57, but up to 145 could close.*
Ascena Retail: 120
Destination Maternity: 117
Sears: 72
Victoria's Secret: 53
Vera Bradley: 50
Office Depot: 50
Kmart: 48
CVS: 46
Party City: 45
Sears Hometown and Outlet Stores: 45
The Children's Place: Up to 45
Z Gallerie: 44
DKNY: 41
Stage Stores: 40 to 60
Bed Bath & Beyond: 40
Abercrombie & Fitch: 40
Francesca's: At least 30 stores
Build-A-Bear: Up to 30 over two years
Williams-Sonoma: 30
J.C. Penney: 27
Bath & Body Works: 24
Southeastern Grocers: 22
Saks Off 5th: 20
Lowe's: 20
J. Crew: 20
Macy's: 8
Nordstrom: 7
Target: 6
J.Crew: 5
Kohl's: 4
Whole Foods: 1
Calvin Klein: 1
Pottery Barn: 1
Source: Coresight Research; staff research
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The truth, that globalist allied mega corps like Amazon are destroying retail outlets as well as smaller online shops. In the same manner that large retail stores were destroyed by companies like Walmart in the 1980's. Maybe the blame can be pinned on the consumers, ultimately, but the media, in my view, is equally to blame. Certainly they are no longer the watchdog of the people, nor those who speak uncomfortable truth to power.
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The media even aided both of these situations by downplaying the long term implications to the economies and society of the countries they operate in.
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Smaller, local and regional organizations are what people should be backing or looking to form. The people have Great power, despite what the government and the media try to convince you of. The power of your purchase decisions is awesome. So long as enough others join with you and act as a block. This was proven (to me) when after hurricane Katrina, people began to boycott BP branded stores and products to express their displeasure at how the energy company treated the people and the environment. It was having such an effect on both public opinion of the corporation, and the companies profits that the corrupt president and the media stepped in to dissuade and Disrail the boycot initiative.
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I really believe we can win. We can take back our nation (whichever nation you call home). But only by solidly ignoring the media and the government, as well as those celebrities and public figures people usually look to.