Retail apocalypse: Nearly 9,100 store closings have been announced in 2019

Kelly Tyko, USA TODAY

Mon, Nov 25, 2019, 4:12 PM

The retail apocalypse isn't showing any signs of slowing down.

Nearly 9,100 store closures have been announced in 2019, 55% higher than total closures in 2018, according to a recent report from global marketing research firm Coresight Research.

On Nov. 25, A.C. Moore's parent company announced its 145 stores will close with up to 40 of them set to become Michaels.

Coresight, which has offices in Manhattan, London and Hong Kong, tracked the 5,864 closings in 2018, which included all Toys R Us stores and hundreds of Kmart and Sears locations.

Bankrupt footwear company Payless ShoeSource, which closed its remaining U.S. stores in late June, accounts for the largest number of closings with more than 2,500.

The "going-out-of-business" sales and liquidation of other brands is expected to continue. Coresight estimates closures could reach 12,000 by the end of the year, the report said.

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The record year for closings was 2017, with 8,139 shuttered stores, Coresight found. This included an earlier round of Payless closings, the entire HHGregg electronics and appliance chain, and hundreds of Sears and Kmart stores.

The pain is expected to continue into future years, according to an April report from UBS Securities. UBS analysts said 75,000 more stores would need to be shuttered by 2026 if e-commerce penetration rises to 25% from its current level of 16%.

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A separate analysis by UBS said tariffs on Chinese imports could put $40 billion of sales and 12,000 stores at risk.

“The market is not realizing how much brick & mortar retail is incrementally struggling and how new 25% tariffs could force widespread store closures,” UBS analyst Jay Sole wrote in the May report. "We think potential 25% tariffs on Chinese imports could accelerate pressure on these company’s profit margins to the point where major store closures become a real possibility.”

Closing all locations

Thousands of locations have already closed this year with the final Payless stores finishing their liquidation sales in June. All Charlotte Russe stores closed in April but the company's new owner has started to open new stores.

Payless ShoeSource: 2,589 (includes 248 Canada locations and 114 smaller-format stores in Shopko Hometown locations).

Gymboree/Crazy 8: 749

Dressbarn: 649

Fred's: 568; the final approximately 80 stores are now set to close after several rounds of closings this year, the company announced Sept. 9. The last round of closing of 129 stores was announced in July.

Charlotte Russe: 494; but the company's new owner is opening new stores.

Shopko: 371

Charming Charlie: 261

Avenue: 222

LifeWay Christian Resources: 170

Kitchen Collection: 160

A.C. Moore: 145

A'Gaci: 54

Henri Bendel: 23

E.L.F. Beauty: 22

Barneys New York: 22

Topshop: All 11 U.S. stores

More closings

Some of the announced closures may carryover into 2020, which was the case with several closings announced in late 2018 such as Lowe's, Sears and Kmart. Gap Inc. announced Feb. 28 it would close roughly 230 stores over two years. Some retailers also are opening new stores while closing locations including Bath & Body Works and Abercrombie & Fitch.

Family Dollar: As many as 390 stores

Forever 21: The fashion retailer said it would close "most" of its stores in Asia and Europe and up to 178 stores in the U.S. Here's the list of 111 stores that are slated to close.

GNC: 192 stores closed in first six months of year; up to 900 over the next three years.

Kmart: 45 closings were announced for February 2020. This comes after five stores closed in October and 48 stores earlier this year. More stores also will close in December.

Gap: Roughly 230 in next two years

Destination Maternity: More than 200 in addition to other recent closures, includes Motherhood Maternity and A Pea in the Pod stores

Walgreens: 200

Chico's: 74, but 250 over the next three years.

Sears: 51 closings were announced for February 2020. This comes after 21 stores closed in October and 72 stores earlier this year. More stores also will close in December.

GameStop: 180 to 200 globally

Foot Locker: 165, total includes closings outside of the U.S.

Signet Jewelers: The parent company of Kay, Zales and Jared said it would close another 150 stores.