Retail Apocalypse Claims 5,000 Stores, Just The Tip Of The Iceberg
Since 2021, nearly 5,000 storefronts from major brands such as Target, Best Buy, Sears, Foot Locker and CVS have closed nationwide, with UBS warning there could be 50,000 store closures by 2027 because of decreased consumer spending and the growth of e-commerce
View Source | April 29, 2023 1:16 pm
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- After declaring bankruptcy over the weekend Bed Bath & Beyond said its remaining 480 storefronts would remain open while the brand liquidated its inventory, but the announcement was the final death knell for the chain once ubiquitous with home goods across the United States.
- The declaration came after months of dire financial news, which culminated in the closure of 236 stores in February. Since then, Bed Bath & Beyond had struggled to maintain its 360 brand-name storefronts and 120 Buybuy Baby stores in the face of nearly $5.2billion in runaway debt.
- Bed Bath & Beyond’s demise is just the latest in a growing roster of big box stores closing storefronts at increasing rates since the pandemic, and internet retail giants like Amazon solidified their position in the market, a troubling trend for brick-and-mortar stores that has been dubbed the “retail apocalypse.”
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