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Report: Retail Sets Records For Store Closure - ABI

More store closings have been announced this year than in any other year before, as retailers across categories have collectively announced plans to close the doors on 6,700 brick-and-mortar locations in the U.S., with many declaring bankruptcy as well, PYMNTS.com reported. Fung Global Retail & Technology, a retail think tank — and the source of the data — found that the prior record, 6,163, was notched during the 2008 financial meltdown. Analysts expect that the downturn could get worse with some predicting as many as 8,600 more brick-and-mortar stores shuttering their doors this year, a figure that would add up to the loss of 147 million square feet of retail space.

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