On Tuesday, Macy’s announced would close 37 of its stores in an effort to regain profitability — and, as previously disclosed, will be closing 125 stores by 2023. The iconic department store is just one of many brands that have fallen victim to the so-called “retail apocalypse.”
The erasure of brick-and-mortar stores started with the advent of online shopping, with Amazon, in particular, dominating the retail sector. Now, with all of the store shutdowns induced by COVID-19, things have only gotten worse. In fact, a recent report from Coresight Research warned that as many as 25,000 stores could be closing — permanently — because of the pandemic.
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To quantify the depth of the carnage, GOBankingRates conducted research in 2020 concerning which retailers have experienced a severe decline in sales and announced permanent store closings, along with which retailers are closing temporarily due to the coronavirus pandemic.
Some of the findings might surprise casual shoppers. For example, even before the full extent of the coronavirus pandemic was being felt, luxury retailer Neiman Marcus — which has since filed for Chapter 11 protection as well — indicated it was closing all 22 of its Last Call stores and laying off 500 workers. Numerous other famous retailers also dominated the list of pre-coronavirus store closures, including Macy’s, Gap and Victoria’s Secret.
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There will, of course, be survivors; American consumers will always love to shop. But for other stores, the COVID-19 pandemic could not have hit at a worse time. With already weakening sales and store closings, enduring an extended economic shutdown could prove the death knell for some of our nation’s most storied retailers. To help keep them afloat, you might want to direct your shopping dollars toward stores you love so that they don’t end up gone forever.
Last updated: Jan. 8 2021
