Merchandising

Retail store closures may hit new record this year

Photo by istock.com

January 29, 2021

There could be as many of 10,000 retail store closures this year, which would set a new record.

The prediction comes from Coresight Research data that notes there have already been over 1,600 stores closed since Jan. 22, according to a CNBC report.

In 2020, there were 8,741 closures and 3,304 retail store openings, according to the research firm.

If the number hits 10,000 it would reflect a 14% increase over last year. The research firm projects there will be 4,000 store launches in 2021.