See how many stores are expected to close this year.
In its latest analysis, Coresight Research estimates U.S. store closures will reach “between 20,000 and 25,000” units this year “in light of the escalating impact of the coronavirus pandemic,” the company said in its report this morning.
The estimated closures compare to 9,821 retail closures in 2019. “We expect that bankruptcy filings among U.S. retailers will spike this year, and Chapter 7 filings may rise,” Weinswig also noted in her report. In regard to the severity of the shutterings of mall-based stores, Weinswig said the “rationalization of mall space has lagged physical store closures. The coronavirus outbreak could accelerate a correction in mall space that already looks overdue.
“Given that recovery to pre-crisis levels may be gradual, retailers that were struggling to stay in business pre-crisis are unlikely to have the wherewithal to stay the course on the road to recovery and could end up closing a number of stores,” Weinswig said, adding that, simultaneously, “temporary closure of nonessential stores looks to have accelerated the shift to e-commerce.
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