30 Biggest Bankruptcies In The Retail Apocalypse & Why They Failed! - Epic Economist
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Modern-day retail is at an inflection point as retailers face struggling physical storefronts, massive debt, and inefficient operations, among other issues.
The pandemic initially compounded these issues and accelerated the fall of several retailers, which had faced dwindling sales and growing debt in the years prior as consumer preferences changed.
Department stores proved to be the most vulnerable, with the pandemic felling iconic names such as Neiman Marcus and
JCPenney. Malls saw declining foot traffic even pre-pandemic, but stay-at-home orders further shifted shoppers to online shopping and spending cash on essential goods instead.
Following 2020, retail experienced a significant rebound as consumers returned to stores. While there were 52 retail bankruptcies in 2020, 2021 saw just 21 — a 60% drop year-over-year, according to Axios. In 2022, only a handful of companies went under.
But this doesn’t mean that retail is out of the woods just yet. With retailers facing old challenges in addition to combating newly rising prices and a pullback in consumer spending, some reports indicate that retail bankruptcies may flare up once again in 2023.
We live in such troubled times, and things are only going to get more difficult in 2023 and beyond.
Meanwhile, there are a couple of long-term trends that won’t be going away any time soon that are squeezing the life out of the industry from both sides. If those long-term trends cannot be reversed, we will soon see a lot more decaying buildings with boarded up windows where thriving retail establishments once existed. The health of the retail industry is critical to the health of the overall U.S. economy, and right now the outlook for the future of the industry is not good.
So I would encourage you to enjoy your favorite retail stores while you still can.
Because as conditions continue to get even harsher for our retailers, many of them will soon be forced to close their doors for the last time.
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