Surge of Closing Stores Means Uncertain Future for Retail

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Multiple major national chains have closed their doors recently, with 2019 marking the biggest year ever for closings and bankruptcies.

2020 is set to be another big year for store closings, with at least 2,200 locations planned to shutter–but that number could end up being closer to 12,000. Here’s what you need to know.

A.C. Moore

Crafters, take note! A.C. Moore is closing all of its 145 retail locations in 2020. Liquidation sales are running now, so don’t miss out.

Bose

You’ll no longer be able to visit a Bose store to pick up a new pair of headphones. The company plans to close all of its US locations this year.

Chico’s

The parent company behind Chico’s plans to close 250 stores this year, including Chico’s, White House Black Market and Soma locations.

Earth Fare

The all-natural grocery chain Earth Fare has announced the decision to close all of its stores this year.

Forever 21

You might have heard the news by now that Forever 21 is no more. The company filed for bankruptcy last September and now plans to close 350 stores worldwide.

Gap

Clothing retailer Gap plans to shutter 230 of its stores over the next year. However, the company is opening new Old Navy and Athleta locations.

Macy’s

The department store is going the way of its competitors this year and shutting down at least 125 stores across the country.

Papyrus

The trendy (and expensive) stationery chain has filed for bankruptcy and will close all 254 brick-and-mortar locations.

Pier 1 Imports

Pier 1 plans to close half of its stores this year, dropping the number from 950 to about 500. The struggling retailer also plans to cut jobs at their corporate office and distribution centers.

Walgreens

The drugstore chain plans to close an additional 200 stores after previously announcing that it would shut down 750 US locations.

No More Big Boxes?

The so-called Big Box retail model–national chains with major square footage–initially brought a wave of closures to local independent businesses. How could “mom and pop” grocery or hardware stores compete with Walmart?

Now, many of those same Big Box stores are being driven out of business by Amazon. In the wake of these store closings, independent retailers are seeing a renewal. More people are interested in shopping local and supporting these businesses, and some analysts are hopeful that we may have a new era of thriving small businesses on the horizon.