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Covid-19 has shined a spotlight on the economic importance of small businesses and their physical impact on communities across the country, from large cities to remote destinations like Pie Town. It has also highlighted their precariousness.
The retail apocalypse is the closing of numerous brick-and-mortar retailstores, especially those of large chains worldwide, starting around 2010 and continuing onward.[1][2] In 2019, retailers in the United States announced 9,302 store closings, a 59% jump from 2018, and the highest number since tracking the data began in 2012.[3]
Over 12,000 physical stores have closed due to factors including over-expansion of malls, rising rents, bankruptcies of leveraged buyouts, low quarterly profits outside holiday binge spending, delayed effects of the Great Recession,[2] and changes in spending habits.
American consumers have shifted their purchasing habits due to various factors, including experience-spending versus material goods and homes, casual fashion in relaxed dress codes, as well as the rise of e-commerce,[4]mostly in the form of competition from juggernaut companies such as Amazon.com and Walmart.
A 2017 Business Insider report dubbed this phenomenon the "Amazon effect," and calculated that Amazon.com was generating greater than 50% of the growth of retail sales.[5]
The rash of bankruptcies and store closings have greatly intensified during the COVID-19 pandemic, with most retail stores, particularly already struggling mall-based retailers, closing for extended periods of time.[6] J. Crew, Neiman Marcus, Stage Stores, JCPenney, and Tuesday Morning were among the retailers to file for bankruptcy during the pandemic.[7]
[
URL unfurl="true"]https://en.wikipedia.org/wiki/Retail_apocalypse[/URL]
The retail apocalypse is the closing of numerous brick-and-mortar retailstores, especially those of large chains worldwide, starting around 2010 and continuing onward.[1][2] In 2019, retailers in the United States announced 9,302 store closings, a 59% jump from 2018, and the highest number since tracking the data began in 2012.[3]
Over 12,000 physical stores have closed due to factors including over-expansion of malls, rising rents, bankruptcies of leveraged buyouts, low quarterly profits outside holiday binge spending, delayed effects of the Great Recession,[2] and changes in spending habits.
American consumers have shifted their purchasing habits due to various factors, including experience-spending versus material goods and homes, casual fashion in relaxed dress codes, as well as the rise of e-commerce,[4]mostly in the form of competition from juggernaut companies such as Amazon.com and Walmart.
A 2017 Business Insider report dubbed this phenomenon the "Amazon effect," and calculated that Amazon.com was generating greater than 50% of the growth of retail sales.[5]
The rash of bankruptcies and store closings have greatly intensified during the COVID-19 pandemic, with most retail stores, particularly already struggling mall-based retailers, closing for extended periods of time.[6] J. Crew, Neiman Marcus, Stage Stores, JCPenney, and Tuesday Morning were among the retailers to file for bankruptcy during the pandemic.[7]
[
URL unfurl="true"]https://en.wikipedia.org/wiki/Retail_apocalypse[/URL]
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