After an excursion to observe how the Retail Apocalypse is hurting chain restaurants like Ruby Tuesday, it's time to return to retail chains and their stores. CBS News reported last week Retailers expected to shutter 12,000 stores this year.
Low-price shoe company Payless alone is responsible for about one-third of the store closings expected this year.Of all the chains listed, I've already covered Payless ShoeSource, Gymboree, Charlotte Russe, Family Dollar, Dressbarn, and Shopko. The largest chain in terms of closings I haven't even mentioned yet is Fred's, which the video reports as announcing the closing of 313 stores. That happened in three waves. Twin States News in Alabama and Mississippi reported in April Fred's Closing 159 Stores during the first wave.
The next month, Local 24 in Memphis reported on the second wave that Fred's closing more stores, closing 104 more stores for a total of 263.
If everything went according to plan, all these stores have already closed.
This month, WLBT reported on the third wave of Fred's stores closing.
I was looking for 50 stores but found 49. The math isn't perfect but it's close enough.
I plan on looking at the rest of the chains mentioned later this year, particularly GNC and Kay's Jewelers, both of which are probably victims of decreased foot traffic at their mall locations. In the meantime, I'm leaving my readers with the following statistics from Business Insider, which forecast earlier this month Here's how many stores need to close across the US before the retail apocalypse ends, according to analysts by 2026.
- Clothing: 20,700 stores
- Consumer electronics: 9,800 stores
- Home furnishings: 8,400 stores
- Grocery: 7,310 stores*
- Sporting goods: 5,900 stores
- Office supplies: 1,930 stores
- Home improvement: 620 stores
- Auto parts: 60 stores
*Remember that the conversation that led to Brick Immortar's video about Ruby Tuesday started off as a tangent from Erik of Retail Archaeology's observation about grocery store closings. Looks like Erik is right about the sector.