Retail is off to a shaky start this year, with more than 1,200 announced store closures slated for 2020 thus far, USAToday reports.
National mall retailers Macy’s, J.C. Penney and Express, as well as Pier 1 Imports, Bed Bath & Beyond and others, have collectively announced 1,218 closures this year, according to global marketing research firm Coresight Research. The Perkins Road location of Pier 1 Imports is among the local stores shuttering its doors this year.
The announced closings follow last year’s nearly 10,000 store closures, including
the liquidation of Payless ShoeSource, Fred’s, Gymboree and Charlotte Russe and mass closures of Family Dollar, Forever 21, Charming Charlie, Sears, Kmart, A.C. Moore and GameStop locations.
“Don’t expect conditions to get much better for the retail sector later in the year, either,” the article reads.
Sales for stores are already looking grim. Nationwide, foot traffic to stores fell 4.9% compared with the same period last year during the third week of the month. Foot traffic was also 1.4% lower than the previous week, according to retail analysts.