US retail closures hit highest level since pandemic
'The Coleman Show' host Ken Coleman discusses the October jobs report, arguing it's going to be interesting to see how these numbers will be adjusted.
As of Nov. 8, retailers have announced 6,481 store closures this year, an increase of 336 closures in just the past week, according to the latest data from Coresight Research. The majority of these closures were driven by American Freight, which is shutting all 329 of its locations as part of its parent company’s bankruptcy proceedings.
Coresight also recorded 5,363 store openings this year as of Nov. 8, including 30 openings last week. However, closures are still outpacing openings, a shift from the trend of the past two years, John Mercer, Coresight’s head of global research, told FOX Business.
In 2021, closures exceeded openings by only 180 stores, and in 2020, the gap was much larger, with closures outpacing openings by nearly 6,000 stores.
