December 2019

Number of US Retail Store Closings Jumped in 2019

Despite the economy remaining strong, American retailers continued to struggle this year. Figures from Coresight Research show that just over 9,300 stores shut down. Compared to 2018, that is an increase of nearly 60 percent. With 2,100 closings, Payless accounted for the biggest amount. In second was Ascena Retail with 781 and then Gymboree with 749. Other chains that shut down over 500 locations include Charlotte Russe and Fred's. The industry's struggles are expected to continue mainly due to online shopping. According to UBS, online purchases will climb to 25 percent of all retail sales by 2026.