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2017 The Worst Retail Apocalypse In U.S History!








Retail bankruptcies are setting records in 2017 as they are hitting recession level highs. In 2008, during the recession, 20 retailers declared bankruptcy. In the first 3 months of 2017, 9 retailers have declared bankruptcy. On top of this, many retailers are scaling back. JC Penney announced the closing of 130 to 140 stores. Sears Holdings announced the closing of 108 Kmart stores and 42 Sears stores. Macy’s announced the closing of 100 stores back in August of 2016 and added 68 more to the list in January of 2017. American Apparel filed for bankruptcy and the remaining 110 stores have been liquidated and closed. HHGregg filed for chapter 11 bankruptcy and is closing 88 stores and 3 distribution centers. Abercrombie and Fitch announced that they will be closing 60 stores in 2017. This is just a handful of examples. Roughly 3,500 store closings have been announced so far in 2017. Amazon has quintupled its sales since 2010. Half of all US households now have an Amazon Prime account. Storefront retail is being buried by online retail. The retailers that are innovating are surviving, but those who are not are being buried. While brick and mortar retailers are scaling back, online retailers like Amazon have the pedal to the floor. Many retailers thought that the internet was a fad, they were wrong.




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1 comment:

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    Location: Brooklyn New York
    D.O.B: 12/12/1984
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