Surviving the pandemic – not all businesses can do it. We are stretching your dollar with what you need to know as some places prepare to close their doors for good.
A record number of retail stores are expected to permanently close this year. It’s important to note when it comes to saving money and spending those gift cards.
With an increase in online shopping, the coronavirus pandemic and economic recession, as many as 25,000 retail stores across the U.S. are expected to permanently shut their doors this year.
That’s according to Coresight Research, a firm that tracks the industry.
You want to pay attention in case you have gift cards to spend or if you’re watching for sales.
Apparel retail and department stores are likely to have the most store closures. JC Penney, Tuesday Morning and Pier 1 Imports have all filed for bankruptcy and announced intentions to close hundreds of stores.
GNC and Victoria’s Secret are closing hundreds more. More than half of the store closures are expected to come to malls. Indoor shopping malls have been struggling in recent years amid declining foot traffic and fierce competition online. And malls that lose an anchor store may have trouble keeping their remaining tenants.
The firm says retailers that were struggling to stay in business pre-crisis are unlikely to have the ability to stay the course on the road to recovery.
Already more than 4,000 stores have said they will permanently close.