Record Store Closings Are Coming, According to Coresight
The coronavirus is adding stress to a retail industry that was already coping with its share of turmoil. With mass closures forcing some retailers into bankruptcy and many into permanent store closings, 2020 is shaping up to break records. Earlier this year, Coresight predicted the closure of 15,000 stores in 2020, well above last year’s record of over 9,300. Now, in the wake of a pandemic, Coresight expects that number to be much higher, falling somewhere between 20,000 and 25,000.
In recent weeks, bankruptcy filings in retail have begun to mount. Coresight said it expects more liquidations, ticking up the closure tally.