Wednesday, May 27, 2020

Many stores closing for good even as economy reopens, a tale of the Retail Apocalypse and COVID-19 pandemic

In the previous installment of tales of the Retail Apocalypse, which has now been rolled up into the COVID-19 pandemic, I told how JCPenney filed for bankruptcy.* It's not just JCPenney's, along with Neiman Marcus and J. Crew declaring bankruptcy and closing stores as a result of the pandemic. WXYZ uploaded Store closings amid coronavirus pandemic this morning listing many more.

WXYZ got its list from Business Insider's More than 3,300 stores are closing in 2020 as the retail apocalypse drags on. Here's the full list.
Retailers are expected to close more than 3,300 stores this year, following record-high rates of closings last year.

More than 9,300 store closings were announced in the US in 2019, smashing the previous record of roughly 8,000 store closures in 2017, according to an analysis by Business Insider.

The number of store closings this year could be even higher than previous records, according to estimates from the real estate firm Cushman & Wakefield. The firm estimated last year —prior to the coronavirus pandemic — that as many as 12,000 major chain stores could close in 2020.

The pandemic is now putting even more stores in danger of closing, as retailers grapple with dramatic drops in sales in traffic.
Just to review, here are the chains closing more than 100 stores, along with my comments. In addition, Sears is closing 51 stores and Kmart 45 stores. I have a long series about Sears and KMart with the latest featuring Sears being Lampert and Mnuchin sued by Sears, a tale of the Retail Apocalypse and the latest about KMart Last two Kmarts in metro Detroit will close, a tale of the Retail Apocalypse. Finally, Bed, Bath & Beyond is closing 44 stores, more than the 40 stores I reported in CNBC warns that Bed Bath & Beyond is 'facing extinction,' a tale of the Retail Apocalypse.

All of this is happening as stores and malls are reopening in Michigan, which WXYZ also reported in Two local malls set to reopen May 28.

I'm not going back to the mall any time soon. My wife and I are doing our shopping online and having it delivered to home or picking it up in the parking lot, something millions of Americans are also doing.

That's it for the Retail Apocalypse for today. With luck, the next entry will be about the first commercial crew mission to the ISS. Cross your fingers and stay tuned!

*I also reported how Kroger and other grocery chains were ending "hero pay" and remarked that deserved a post of its own. I'll get to it.


  1. Chico's is a women's clothing chain.

    1. Thank you. The Business Insider article said that and I suppose I should have quoted it.