Number of U.S. Retail Store Closings Jumped in 2019.
Despite the economy remaining strong, American retailers continued to
struggle this year.
Figures from Coresight Research show that just over 9,300 stores shut down.
Compared to 2018, that is
an increase of nearly 60 percent.
With 2,100 closings, Payless accounted
for the biggest amount.
In second was Ascena Retail with 781
and then Gymboree with 749.
Other chains that shut down
over 500 locations include
Charlotte Russe and Fred's.
The industry's struggles are expected to continue mainly due to online shopping.
According to UBS, online purchases
will climb to 25 percent of
all retail sales by 2026