Despite the generally buoyant economic environment, retail store closings in the first quarter of 2017 exceeded those of 2008, showing just how severe the retail downturn has become.
According to Credit Suisse’s analysis, there have been 2,880 US store closings announced in the year to 6 April, compared to 1,153 at the same point last year. Historically, 60% of store closure announcements occur during the first five months of the calendar year and based on the current rate of closures; there could be more than 8,640 store closings this year, which will be higher than the historical 2008 peak of 6,200.
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