US may see closure of 25,000 stores in 2020 as pandemic devastates retail sector – The National

US may see closure of 25,000 stores in 2020 as pandemic devastates retail sector – The National

As many as 25,000 US stores could close permanently this year after the coronavirus pandemic devastated an industry where many mall-based retailers were already struggling.. The number would shatter the record set in 2019, when more than 9,800 stores closed their doors for good, according to a report from retail and technology data firm Coresight Research.. Most of the closures are expected to occur in malls, with department stores and clothing shops predicted to be among the hardest hit.. "If the anchor tenants close stores in the mall, other tenants are likely to follow suit," Coresight chief executive Deborah Weinswig said in the report, which put the expected range at 20,000 to 25,000.. "Department and large apparel-chain store closures in malls will create a ripple effect that spells bad news for malls.". Most retailers have been reluctant to shrink their store networks, but the pandemic has forced many to rewrite their playbooks.. As of June 5, retailers have planned about 4,000 permanent store closures, including hundreds by JCPenney, Victoria's Secret and Pier 1 Imports.. Fifteen major retailers have already filed this year..