The stores they are a-closin'

The retail apocalypse isn't showing any signs of slowing down. Six months into 2019, there have already been 20% more store closings announced than in all of 2018, according to a new report from global marketing research firm Coresight Research. Based on Coresight Research's figures and retailers' earnings reports, more than 7,000 stores are slated to shutter this year with thousands of locations already gone. Bankrupt footwear company Payless ShoeSource, which closed its remaining U.S. stores last week, accounts for about 37% of the closings. The "going-out-of-business" sales and liquidation of other brands is expected to continue. Coresight estimates closures could reach 12,000 by the end of the year, the report said. The record year for closings was 2017, with 8,139 shuttered stores which included an earlier round of Payless closings, the entire HHGregg electronics and appliance chain, and hundreds of Sears and Kmart stores.

2019 looks like being a record year in store closures in the US, anticipated 12,000 and 3,000 new will come. Retail is head to head competition, however with online taking their share and brands going direct to consumers, there’s competition from any angle and to stay alive you need to make a competitive value proposition that’s compelling to more than just local consumers. Bed Bath & Beyond plans to close at least 40 locations this year — and likely more — while opening 15 stores. The company has said unless it’s able to “negotiate more favorable lease terms with ... landlords,” the number of closures will grow #ecommerce #retail

I know we have about twice the retail space per capital we need but I had no idea how hurtful recent policy was to retail industry. This is a tad scary. CNBC Line (not mine) "Another potential round of tariffs in a tit-for-tat trade war between the U.S. and China could have an unintended consequences: massive store closures."

Really good information on what is happening to store size with e-commerce growth. #cre “Importantly, the growth of small-format stores (convenience, drug and dollar stores) has been a driving force in the long-term decline of store sizes—and closures. In fact, between 2017 and 2018, convenience and drug stores were the primary drivers of retail store closings. In total, more than 3,500 retail stores closed during that period.” Retail apocalypse is easy to use to bait click but a closer look tells interesting stories that show retail adapting and thriving.

Contrary to ongoing reports that retail is dying eMarketer reported that the $5.5 trillion US retail sector is expected to have another strong year with growth of 3.3% in 2019 #bonobos #amazon #casper #everlane #allbirds #retail

Call me a bogus older "Millennial," but I do like "experiences" while shopping! Who doesn't??? Forbes #onestopshop #retail #easyliving

Evolving renaissance in physical #retail will be fueled by younger generations of #consumers who like to #shop online but prefer to buy in-store.

Despite everyone talking about the death of physical retail over the last few years, we've been seeing more of a renaissance in the industry. Great article from Forbes. https://lnkd.in/gggJptG