According to a new report from global marketing research firm Coresight Research, there have been 29% more store closings announced in 2019 compared to all of 2018. Based on Coresight Research’s figures, retailers’ earnings reports, bankruptcy filings and other records, more than 7,600 stores are slated to shutter this year and thousands of locations already gone.
Coresight estimates 12,000 closures by the end of the year and that is that in 2017, it was a record year of closings with 8,139 shuttered stores.
In addition, a report by UBS Securities states that e-commerce penetration, currently at 16%, if it rises to 25%, it would result in 75,000 more store closures by 2026.
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