Not All Retail Stores Are Shuttering Their Doors In 2017
Contrary to popular belief, more retailers will be opening their doors this year than closing them.
It was estimated early this year during the shuttering frenzy that between 9,000 and 10,000 stores will close in 2017, according to Cushman & Wakefield President of Americas Retail Research Garrick Brown. Though this is a sizable number, a recent report from IHL Group estimates 14,200 stores are slated to open this year, Forbes reports.
The majority of store closures this year fell within the fashion and apparel, bookstore and electronics segments.
The largest group of closures this year was related to the RadioShack bankruptcy, which resulted in the termination of 1,000 stores across the U.S., Forbes reports. Payless Shoesource and a number of other fashion retailers, including Sears, Kmart and JC Penney, are also shuttering stores.
E-commerce has played a role in these closures but according to Forbes, the issues also lie with the retailers that have failed to keep up with and meet the needs of a changing consumer base.
Among the list of retailers opening stores this year are Dollar General, which led by a significant number with an anticipated 1,299 new locations coming in 2017. Restaurants are experiencing similar trends with brands like Noble Romans and Dunkin’ Donuts opening hundreds of new restaurants, while Starbucks and Pizza Hut are closing.