80K retail stores will close by 2026, claims report

A UBS report predicts 80,000 retail stores will close in the next five years, which represents 9% of total stores.

The news comes as the retail industry strives to rebound after a year of the COVID-19 pandemic, which shuttered some stores for months, prompted bankruptcies and spurred consumers to head online for everything from groceries to gifts.

In its report, UBS stated that at the end of 2020, nine months into the pandemic, there were 115,000 shopping centers in the U.S. — which UBS believes is too much retail space per capita, according to a CNBC report on the study.

The biggest store closures will be within the clothing and accessory segment, it said. The lowest number of closures will be in the home improvement, auto parts and grocery sectors, according to UBS.

RCE