The number of store closings is continuing to fall, down 65% compared to this time last year. But with 2022 underway, things are looking brighter for the retail industry. Previously, UBS analysts predicted that around 80,000 U.S.
Thanks to these efforts, 2021 saw thousands of store openings. In addition, many retailers have taken it upon themselves to adapt to shopper behavior by doubling down on online sales and introducing curbside pickup options.
But it is also a result of consumers returning to shop in person after the vaccine rollout and having more spending power from federal stimulus checks. This was, in part, because many businesses had already shut their doors in 2020. Luckily, after an incredibly tough year, the pace of store closures slowed in 2021. Perhaps, unsurprisingly, 2020 broke that record, with more than 12,000 store closures in the U.S. Pandemic aside, the year 2020 was already set to be a tough one for many retail stores, as 2019 saw a record number (9,302) of permanent store closures in the U.S. Many retail stores, in particular, have been hit hard by the downturn. Nevertheless, the impact on the economy is still ongoing. It’s been two years since the global coronavirus pandemic first caused a sweeping, unprecedented shutdown of activity in the United States (and around the world).
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