25,000 stores are predicted to close in 2020, as the coronavirus pandemic accelerates industry upheaval

By: Gyarmati Orsolya Date: 2020. 06. 11. 08:30

One result of the coronavirus pandemic could be as many as 25,000 store closures announced by retailers this year, as the crisis takes a toll on many businesses, and already has pushed some over the brink and into bankruptcy.

U.S. retailers could announce between 20,000 and 25,000 closures in 2020, according to a tracking by Coresight Research, with 55% to 60% of those situated in America’s malls. That would also mark a record — which was previously the more than 9,300 locations in 2019.

Coresight was earlier this year forecasting there could be more than 15,000 store closures announced by retailers in 2020.

CNBC