TL;DR
Retailers have announced 6,200 store closures so far this year, including Party City, Payless ShoeSource, Gap, and Family Dollar. The number of store closures has been increasing, with 102 million square feet of store space closed in 2017 and 155 million square feet closed in 2018.
With Party City’s Thursday announcement of 45 impending store closures in 2019, the number of retail locations expected to shutter across the country has reached a whopping 6,200. It’s May.
Business Insider compiled a list of all of the announced store closures already on deck this year, which includes Payless ShoeSource (5,200 stores), Gap (230 stores), Family Dollar (390 stores), among many, many others.
Citing research done by commercial real estate firm CoStar Group, the article noted that retailers closed 102 million square feet of store space in 2017, a record that was then topped in 2018 with the closure of another 155 million square feet of space.
In this story
This story was originally published in 1851 Franchise on May 9, 2019. Burnaze summarizes and links to the original reporting.
Read the full story at 1851 FranchiseLiked this? Get the week's franchise news, explained
- Sunday 8 AM ET weekly + a monthly deep dive
- Sections picked for the industries you follow
- Every claim linked to its source. Free.