2017 Set All-Time Record for Store Closings

By:
Chris Gaetano
Published Date:
Oct 26, 2017
out of business

Retailers have announced 6,700 store closings since the beginning of this year, setting an all-time record, according to CNN Money. The previous record of 6,163 was set in 2008 during the global economic crisis. The now-current record is estimated to grow by the end of the year, with analysts expecting to see a total of 8,600 store closings at that point. One of the major factors behind this is the rise of online shopping, giving people fewer reasons to visit brick-and-mortar locations. Another factor is competition against established retailers, particularly in apparel: fast fashion outlets like H&M and Forever 21 are threatening more traditional models, forcing yet more store closings. Regardless, over 300 retailers have filed for bankruptcy this year so far, with more likely on the way before the end of the year. 

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