Retail Store Closings Soar in 2017
2017 is not shaping up to be a favorable year for the retail industry if you look at the numbers.
- Number of store closings so far in 2017: 5,377
- Forecast for total number of store closings this year: 8,640
- Retailer bankruptcies filed thus far in 2017: 14 (2016 saw 18 bankruptcies total)
So, what are the experts saying? Many see the retail industry as a shrinking one, and they say the forecast will get worse before it gets better. And while total retail sales did increase 4.5 percent in April from a year ago, the growth is due to online sales, making the case for brick-and-mortar store closings.