According to an analysis by Business Insider, more than 9,300 store closures were announced in the United States in 2019, breaking the record of approximately 8,000 store closures in 2017.
According to estimates from real estate firm Cushman & Wakefield, the number of store closures this year may be even greater than There are even more previous records. The company estimated last year that 12,000 major chain stores would close in 2020, before the pandemic developed.
The coronavirus pandemic has put more stores at risk of closing as retailers grapple with a sharp drop in foot traffic. So far, U.S. retail companies have confirmed plans to close at least 4,300 stores in 2020, according to analysis by Business Insider.
Which brands are preparing or are gradually closing stores? Below is the latest list.
1. Pier 1 Imports: 450 stores
Pier 1 said in January that it would be difficult to maintain due to years of declining sales. operations, it plans to close 450 stores, about half of its total stores.
Closing stores could affect thousands of workers. In total, it currently has approximately 950 stores and approximately 4,000 employees. The company also said it would close some distribution centers in addition to reducing its headcount.
2. GameStop: 320 stores
GameStop said in March , in 2019 they closed 333 stores and opened 12 new stores.
The company said its store closures in 2020 “will be equal to or greater than our 320 net store closures globally in 2019.”
3. Signet Jewelers: 300 stores
Under the banner of Signet Jewelers Operates more than 3,000 stores: Kay Jewelers, Zales, Jared’s, H. Samuel, Ernest Jones, Peoples and Piercing Pagoda.
The company said in June that it planned to close 150 U.S. and 80 U.K. stores immediately, and planned to close at least 150 more stores by the end of the year.
Based on this announcement, Business Insider estimates approximately 300 U.S. store closures and will update this number when the company provides more information.
4. Papyrus: 254 stores
The chain store Papyrus opened in January Filed for bankruptcy and plans to close 254 stores in the United States and Canada.
5. Victoria’s Secret: 238 stores
The mother of Victoria’s Secret Company L Brands said in May it planned to close 251 stores in the United States and Canada in 2020. 238 of them are in the United States.
6. Gap: 230 stores
Gap will close hundreds Gap-branded stores, and will also open stores under other brands such as Old Navy and Athleta. The company said in February 2019 that it planned to close about 230 Gap stores over the next two years.
Gap recently said it had closed about 130 locations in 2019, with the remaining deals expected to be completed in 2020.
7. Tuesday Morning: 230stores
Cheap retailer brand Tuesday Morning intends to file for bankruptcy in May and said it plans to close 230 of its 700 stores.
8. Walgreens: 200 stores
Walgreens ) announced in 2019 that it planned to close 200 U.S. locations in a multi-year cost-cutting plan. The company has not revealed any further details about the timing or location of the closures.
The new round of store closings follows a previously announced reduction of 750 U.S. stores, which Walgreens said is expected to be completed by the end of the year.
9. Chico’s: 200 stores
Women’s clothing retailer Chico’s last year It said it plans to close about 250 stores within three years, including 100 Chico stores, 90 White House Black Market stores and 60 Soma stores.
As of November 2, the company has closed 49 stores and expects to close approximately 200 more stores this year.
10. Wilsons Leather and G.H. Bass: 199 stores
Owned G-III apparel group, which owns DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and other brands, said in June it planned to close 110 Wilsons Leather stores and 89 G.H. stores.
The reopening time of Bass stores will be determined based on the situation of the coronavirus epidemic.
11. Destination Maternity: 183 stores
Destination Maternity filed for bankruptcy protection in October last year , and said it planned to close 183 stores in the United States, Canada and Puerto Rico.
The company owns its namesake brand as well as Motherhood Maternity-branded stores.
12. Forever 21: 178 stores
Forever 21 means, After filing for bankruptcy last September, it expected to close 350 stores globally, including 178 locations in the United States.
Company filings show that the remaining stores will close in 2020.
13. JCPenney: 162 stores
JCPenney applied in May went bankrupt and said it planned to eventually close about 30% of its 846 stores. In June, the retailer revealed a list of 156 stores that would be included in the first round of closures.
<pAccording to information released on the book, at least 16 Hallmark brand stores in the United States will close by 2020.
He commented to Forest Park: “This is no longer a viable business, people used to buy and send cards. Now it’s all online blessings, everyone is on social media Celebrating birthdays.”
31. Walmart: 3 stores
Walmart plans to close one store in Michigan and two stores in North Carolina by April.
The stores slated to close include a strip mall in Ypsilanti, Michigan, and stores in Wadesboro and Lumberton, North Carolina.
The spread of the COVID-19 epidemic has had an impact on many companies, and has even pushed some companies to the brink of bankruptcy.
Market research firm Coresight Research has predicted that more than 15,000 stores will be closed in the United States in 2020. However, the latest tracking survey shows that U.S. retailers may announce the closure of 20,000 to 25,000 stores in 2020, of which 55% to 60% (stores) are located in shopping malls in the United States.
The result is a glut of vacant storefronts, prompting landlords to scramble to fill them or find new uses for their storefronts. Today, there are not many retailers that still rely on physical stores for growth. Even if they do, many businesses are looking to downsize to smaller stores.
Technological advancement has weakened the competitiveness of offline retail companies, and some companies have declared bankruptcy. Through transparent and preferential prices and a more convenient shopping experience, e-commerce companies such as Amazon have not only “robbed” a large number of consumers from the traditional retail industry, but also cannibalized the profits of the overall retail industry.
Foreign traders, are you ready to welcome the “opportunity”? </p
