“It’s Only April, And U.S. Retailers Have Already Closed
More Stores Than They Did ALL Of Last Year”
by Michael Snyder
“If the U.S. economy is in good shape, why have retailers already shuttered more stores than they did in all of 2018? Not only that, we are also on pace to absolutely shatter the all-time record for store closures in a single year by more than 50 percent.
Yes, Internet commerce is growing, but the Internet has been around for several decades now. It isn’t as if this threat just suddenly materialized.
As Internet commerce continues to slowly expand, we would expect to see a steady drip of brick and mortar stores close, but instead what we are witnessing is an avalanche. If the U.S. economy really was “booming”, this wouldn’t be happening. But if the U.S. economy was heading into a recession, this is precisely what we would expect to see.
Last year, U.S. retailers closed 5,864 stores. That was a rather depressing number, but here we are in April 2019 and we have already surpassed it. The following comes from
CNN: This year, US retailers have announced that 5,994 stores will close. That number already exceeds last year’s total of 5,864 closure announcements, according to a recent report from Coresight Research.”
At this time last year, there was a lot of optimism for the retail industry. Foot traffic at our shopping centers rose steadily throughout the early portion of the year before peaking in August.
But then something changed, and since that time
there has been a clear downward trend: “Foot traffic at some of the best shopping centers across the country peaked around August 2018 and has since started to fall, after rebounding for much of last year, according to a new report from data analytics firm Thasos, which uses more than 100 million mobile phones to track when consumers enter and leave certain trade areas.”
Once again, you can’t blame this on Internet commerce. Foot traffic was rising for quite a while, but now what we are seeing is perfectly consistent with an economic slowdown.
Sadly, this could be just the beginning. In fact,
one expert quoted by CNBC expects total store closures in the U.S. to hit 12,000 by the end of 2019: “I expect store closures to accelerate in 2019, hitting some 12,000 by year end,” Deborah Weinswig, founder and CEO of Coresight, said.
If that happens, we will shatter the old yearly record by about 4,000. We are in the early innings of America’s “retail apocalypse”, and it is going to get much, much worse.”
Source:
http://coyoteprime-runningcauseicantfly.blogspot.com/2019/04/total-store-closures-in-us-to-hit-12000.html
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I’ve noticed the difference between gasoline and diesel is less than 20 cents in my area. usually the difference is .50-.75. To me that means there is an over supply of diesel due to a down turn in the trucking and rail industry. Even with oil prices hovering around $64 a barrel gasoline is $2.37 and diesel is $2.57 right now. Leads me to believe that we could be entering a recession.