Every day that retailers are closed during the coronavirus crisis, the chances that they won't survive this pandemic grow larger.
U.S. retailers have already announced 2,184 permanent closures this year, most of which were announced before the pandemic began, according to retail analytics firm Coresight Research.
“I think a lot of people are going to be more hesitant to go into stores, specifically malls or more closed areas, until a vaccine comes out,” Yanushevsky said. “We’ve already seen a big shift to e-commerce and that’s just going to proliferate more for safety reasons.” In 2019, which included the liquidation of chains like Payless ShoeSource, Gymboree and Charlotte Russe, more than 9,700 stores closed.
“Before the coronavirus, I thought there was going to be some hope for J.C. Penney,” Yanushevsky said. “It did look like they had some good ideas brewing, but … this could be the final straw for them.” Neiman Marcus already announced in March that it would close the majority of its 22 Last Call stores. Now, the company is hoping to avoid the fate of luxury rival Barney's, which liquidated in 2019.David’s Bridal survived Chapter 11 bankruptcy, emerging from the process in January 2019 and charting plans to cut prices, improve its digital operations and add additional selections.
Rite Aid also faces the additional threat of disappointing health care insurance reimbursement rates and generic drug costs, according to CFRA Research.
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