- More than 4,300 stores are expected to close in 2019.
- Gap, JCPenney, and Victoria’s Secret announced more than 300 store closures over the course of 24 hours this week.
- Payless has said it plans to close all of its 2,500 stores in what could be the largest retail liquidation in history.
The staggering rate of store closures that has rocked the retail industry over the last couple of years is expected to continue in 2019, with roughly the same level of closures expected this year.
Retailers closed a record-breaking 102 million square feet of store space in 2017, then smashed that record in 2018 by closing another 155 million square feet of space, according to estimates by the commercial real estate firm CoStar Group.
«This year we are predicting more of the same in the retail space,» said Drew Myers, a CoStar senior consultant.
Retailers have announced more than 4,300 store closures so far this year, according to an analysis by Business Insider.
Here’s a list of all the stores closing this year.
Payless ShoeSource: 2,500 stores
Gymboree: 805 stores
Gymboree Group filed for Chapter 11 bankruptcy protection in January and said it planned to close more than 800 stores under its Gymboree and Crazy 8 banners.Gymboree previously filed for bankruptcy as recently as June 2017 and closed nearly 400 stores in the process.
Shopko: 251 stores
Shopko filed for bankruptcy in January and has said it would close 251 stores.
Gap: 230 stores
Gap said Thursday that it would close 230 namesake stores over the next two years as it reported that the brand’s same-store sales fell 7% during the holiday quarter. The company also said it would spin off its Old Navy brand.
Performance Bicycle: 102 stores
Performance Bicycle’s parent company, Advanced Sports Enterprises, filed for bankruptcy protection in November and later announced that it would close all 102 of its stores.
Charlotte Russe: 94 stores
Sears: 70 stores
Sears Holdings, which owns Sears and Kmart stores, emerged from bankruptcy in February after filing for Chapter 11 bankruptcy protection in October.
Destination Maternity: 42-67 stores
Destination Maternity plans to close between 42 and 67 stores this year.
Victoria’s Secret: 53 stores
Kmart: 50 stores
Christopher & Banks: 30-40 stores
JCPenney: 27 stores
JCPenney said it will close 27 stores in 2019, including 18 full-line department stores and 9 home and furniture stores. The department-store chain said same-store sales fell 4% during the fourth quarter.
Henri Bendel: 23 stores
Henri Bendel closed all its stores in January after 123 years in business.
Beauty Brands: 25
Beauty Brands, a regional chain of salon and spa superstores, said in December that it planned to close 25 stores this year.
Lowe’s: 20 stores
Macy’s: 9 stores
Macy’s is closing store s in Wyoming, Washington, California, New York, Indiana, Massachusetts, Virginia, and West Virginia.
J.Crew: 7 stores
Kohl’s: 4 stores
Nordstrom: 3 stores
Nordstrom is closing stores in Florida, Virginia, and Rhode Island.
Vía Business Insider