Analysts were talking about the "retail apocalypse" long before the coronavirus pandemic hit. Since then, mass store closings, safety measures such as social distancing, an increased migration of sales to online platforms, and supply chain disruptions have all combined to intensify the problems already being experienced by the weaker brick-and-mortar retail players. The retail bankruptcies of 2020 are on track to match or surpass the 48 retail bankruptcies that took place in 2010, in the wake of the Great Recession. Permanent store closings number 10,226, beating last year's record of 9,500. Nearly 6,000 of those stores belong to the newly bankrupt retailers.
American retailers have closed a record number of stores for good this year as the coronavirus pandemic upended the industry, a new report says.