Finance:Retail apocalypse

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Short description: Period in the 2010s where many American brick and mortar retail stores have closed or struggled
Retail apocalypse
Former Daily Thread; Southern Park Mall; Boardman OH.jpg
A modern empty former retail space located in the Southern Park Mall, Boardman Township, Ohio, United States
Date2008 (2008) – present
VenueMalls, Physical retail
LocationWorldwide; initially began in the English-speaking world, Western Europe and Japan
Cause
Outcome
  • Numerous bankruptcies ensued from early 2010s
  • Major decline in revenue from suppliers
  • Bankruptcies accelerated from March 2020 as a result of the COVID-19 recession and Inflation

Retail apocalypse refers to the closing of numerous brick-and-mortar retail stores, especially those of large chains, beginning around 2010 and accelerating due to the mandatory closures during the COVID-19 pandemic.[2][3]

In 2017, over 12,000 physical stores closed due to factors including over-expansion of malls, rising rents, bankruptcies, leveraged buyouts, low quarterly profits outside holiday binge spending, delayed effects of the Great Recession,[3] and changes in spending habits. American consumers have shifted their purchasing habits due to various factors, including experience-spending versus material goods and homes, casual fashion in relaxed dress codes, as well as the rise of e-commerce,[4] mostly in the form of competition from juggernaut companies such as Amazon.com and Walmart. A 2017 Business Insider report dubbed this phenomenon the "Amazon effect" and calculated that Amazon.com was generating greater than 50% of the growth of retail sales.[5] Dissenting economists and experts asserted that recent retail closures are a market correction, suggesting that "retail apocalypse" is a misleading phrase that instills insecurity in the 16 million U.S. retail workers.[6]

Research published by global retail analyst IHL Group in 2019 suggests that the so-called retail apocalypse narrative was an exaggeration, with "more chains that are expanding their number of stores than closing stores.”[7] That year, retailers in the United States announced 9,302 store closings, a 59% jump from 2018, and the highest number since tracking the data began in 2012.[8]

Corporate bankruptcies and store closings increased significantly from 2020 due to the financial impact of the COVID-19 pandemic, with most retail stores, especially already struggling mall-based retailers, closing for extended periods of time.[9] J. Crew, Century 21, Neiman Marcus, Lord & Taylor, Stage Stores, Stein Mart, JCPenney, Tuesday Morning, and Pier 1 Imports were among the retailers to file for bankruptcy during the pandemic.[10]

The most productive retailers in North America during contemporary retail apocalypses are discount superstores Walmart and Target, low-cost "fast-fashion" brands (Zara, H&M) and dollar stores (Dollar General, Dollar Tree).[11]

History

20th century

A permanently closed mom and pop health food store in Port Charlotte, Florida

The phrase "retail apocalypse" first appeared in print in an early 1990s essay by It's Not My Department! author Peter Glen.[12] The term became controversial as used by media to refer to multiple brick-and-mortar store closures resulting from shifts in consumer spending.[6]

21st century

Since at least 2008 (Global Financial Crisis), various economic factors have resulted in the closing of many stores in North America, the United Kingdom, and Australia, particularly in the department store industry. For example, Sears Holdings had more than 3,500 stores and 355,000 employees in 2006.[13] By the end of 2016, Sears operated 1,430 stores.[14] In October 2018, Sears filed for bankruptcy and announced it would close an additional 142 of its 687 stores.[15] At the time of filing, Sears had 68,000 employees.[15]

The phrase "retail apocalypse" began gaining widespread usage in 2017 following multiple announcements from many major retailers of plans to either discontinue or greatly scale back a retail presence, including companies such as H.H. Gregg, Family Christian Stores and The Limited all going out of business entirely.[16] The Atlantic described the phenomenon as "The Great Retail Apocalypse of 2017", reporting nine retail bankruptcies and several apparel companies having their stock hit new lows, including that of Lululemon, Urban Outfitters, and American Eagle.[3] Credit Suisse, a major global financial services company, predicted that 25% of U.S. malls remaining in 2017 could close by 2022.[17]

Since 2017, the phrase is frequently applied to brick-and-mortar closures in retail, with the retail apocalypse creating a domino effect on manufacturers and suppliers; Hasbro, for example, cited the loss of the Toys "R" Us chain as a major cause for lost revenue and layoffs the company imposed in October 2018.[18]

A 2019 analysis conducted by IHL Group international research and advisory firm found that when a retailer closes many stores, it indicates more about the individual retailer rather than the retail industry overall. In 2019, the 20 stores announcing the most closures represent 75% of all closures. IHL found that for each retailer closing stores in 2019, more than five retail chains are opening stores, an increase from the 3.7 ratio of 2018. IHL also reported that the number of chains adding stores in 2019 had increased 56%, while the number of closing stores decreased by 66% in the last year.[7][19]

As of May 2020, bankruptcies and store closings were expected to intensify due to widespread business closures and the resulting financial impact of the COVID-19 pandemic. J. Crew, Century 21, Neiman Marcus, Stage Stores, Stein Mart, Lord & Taylor, JCPenney, Tuesday Morning, and Pier 1 Imports were among the first major retailers to file for bankruptcy during the COVID-19 pandemic.[10]

Factors

Shift to e-commerce

Further information: Finance:Online shopping

The main factor cited in the closing of retail stores in the retail apocalypse is the shift in consumer habits towards online shopping.[20] Holiday sales for e-commerce increased by an estimated 11% to 20% from 2015 to 2016. The same year, brick-and-mortar stores saw an overall increase of only 1.6%, with physical department stores experiencing a 4.8% decline.[21]

Oversupply of shopping malls

Another factor is an over-supply of malls[22] as the growth rate of malls in North America between 1970 and 2015 was over twice the growth rate of the population. In 2004, Malcolm Gladwell wrote that investment in malls was artificially accelerated when the United States Congress introduced accelerated depreciation into the tax code in 1954.[23] Despite the construction of new malls, mall visits declined by 50% between 2010 and 2013 with further declines reported in each successive year.[24]

Experience economy

Main page: Social:Experience Economy

A major reported contributing factor to the supposed retail decline is an ongoing "restaurant renaissance"— a shift in consumer spending habits for their disposable income from material purchases such as clothing towards dining out and travel.[3]

Shrinking middle class

Another cited factor is the "death of the American middle class" represented by declining real wages and rising costs creating a middle-class squeeze, resulting in large-scale closures of retailers such as Macy's, JCPenney, and Sears which traditionally relied on spending from this market segment.[25] Particularly in rural areas, variety stores such as Dollar General, Dollar Tree, and Family Dollar, once thought to be unaffected by the apocalypse since they have continued growing rapidly, are now perceived as being at best a symptom of the phenomenon, and at worst a direct cause of rural, independent retailers collapsing, unable to compete with the lower margins that national chains can sustain.[26][27]

Poor management

Poor retail management coupled with an overcritical eye towards quarterly dividends cause a lack of accurate inventory control, so the sales floor suffers from underperforming merchandise and out-of-stock merchandise, creating a poor shopping experience for customers. The focus on short-term balance sheets induces management to understaff retail stores in order to keep profits high.[28][29] Furthermore, many long-standing chain retailers are overloaded with debt,[30] often from leveraged buyouts from private equity firms, which hinders the profitable operation of retail chains.[31][32]

COVID-19 pandemic

The COVID-19 pandemic exacerbated many issues affecting retailers, as many were forced to shut down due to non-pharmaceutical interventions that were issued in an effort to mitigate the pandemic.[33]

At the same time, online shopping boomed during the coronavirus-related lockdown, even though it came back down starting in 2022.[34] Most of the major e-commerce retailers in the United States were classified as essential businesses and were not required to shut down. Buyers stated that they would deliberately buy products from such categories as food and drinks, hygiene, household cleaning, clothing, health, and consumer electronics online rather than in person due to COVID-19. The outbreak is said to have changed shopping behavior permanently: in the US, 29% of surveyed consumers stated that they had no intention to ever go back to offline shopping. In the UK, this number reached 43%.[35]

In June 2020, retail research firm Coresight reported that they estimated that the number of store closures due to the pandemic and ensuing recession would exceed the 2019 record of 9,302.[36][37]

Coresight Research data later indicated that store closures had reduced by 49% from 2020 to 2021, with store openings increased by 36% over the previous year.[38] Clothing and accessories accounted for 43% of retail closures in 2021.[38] In July 2022, the analytics firm published findings that store openings had exceeded store closings for the first half of 2022, and that there were 10% fewer closings and 3% fewer openings than in 2021.[39]

Major retail bankruptcies 2011–2023

Below is a sample of the numerous retail chains that have declared bankruptcy during the twelve-year period, 2011–2023.

Store closures and bankruptcy filings
Company name Time period Number of stores closed Bankruptcy Open stores Source
Borders Books 2011 Closed all stores Liquidated None [40]
The Bon-Ton 2018 Remaining 267 locations liquidated Filed February 2018 None; last store closed October 2020[41] [42]
Sears Holdings 2013–2021 1,380 Kmart and Sears stores Filed October 2018
Acquired out February 2019 		15 (2022) [43]
J. C. Penney 2015–2020 177 Filed May 2020 669 (May 2022) [44][45]
Toys "R" Us 2018 Closed all US, UK and Australia stores. Filed 2017
Re-emerged 2019 		80 Canada stores, 160 Japan stores, 1 US Flagship store, 400+ stores within Macy's [46][47]
J. Crew 2018–2020 54 Filed May 2020 492 [48]
Barneys New York 2019 15 Filed 2019, liquidated None [49]
Forever 21 2019 200 (approx.) Filed September 2019 600+ [50][51][52]
A.C. Moore 2019–2020 145 Filed September 2019 Became Michaels
Payless ShoeSource 2019–2020 2,500 – all stores in North America and Puerto Rico (2019) Filed February 2019
Emerged January 2020 (second bankruptcy) 		700 (Latin and Central America, Caribbean, Southeast Asia, Middle East and India) [53][54]
Pier 1 2020 Remaining 942 stores Filed February 2020 None [55]
Neiman Marcus 2020 6 Filed May 2020 37 [55][56][57]
Tuesday Morning 2020 & 2023 196 1. Filed May 2020; emerged December 2020

2. Filed February 2023; announced liquidations in April

None (Remaining stores liquidated by July 2023) [58][59]
GNC 2020 2450 (approx.) Filed June 2020 4,850 (approx.) [60][61][62]
True Religion 2017 & 2020 37 1. Filed July 2017
2. April - Nov. 2020 		49 (2020) [63][64][65]
Brooks Brothers 2020 253 Filed July 2020 171 [66][67][68]
Bed Bath & Beyond 2023 360 Filed April 2023 None (all US & Canada stores liquidated by July 2023)

Strategies

Researchers have identified customer experience and brand reputation as two factors that can influence whether a retailer will survive. Some more established retailers like Toys "R" Us may not have been as responsive to changing trends in consumer behavior. Some researchers have made recommendations based on trends and technologies to improve the outlook for traditional brick and mortar retailers.[69]

Employing technology, Ikea became one of the first retailers to use Apple's ARKit to develop an augmented reality app that allowed customers to visualize 3D renderings of Ikea products as they would appear in a certain room or place.[70][71] Macy's, American Eagle, Nike and Sephora were reported to be implementing various technologies to integrate digital experiences to improve consumers' physical shopping experiences. Sephora has installed smart mirrors that use augmented reality technology to allow customers to try on makeup.[72] Walmart automated some aspects of its supply chain, while Kohl's streamlined its retail presence, reducing the size of some stores from 90,000 to between 60,000 and 35,000 square feet,[73] starting the use of robots to help clean and stock shelves. Company executives have said robots lower costs and improve efficiency, but employees report they don't like working with robots. Lowe's has been using LowesBot to help customers find items.[69]

According to a 2018 study from the International Council of Shopping Centers, new stores can increase traffic to retailer websites by an average of 37% and drive up share of web traffic within that market by 27% in what is called a "halo effect".[74] Prior to the onset of the COVID-19 pandemic, Forbes outlined several aspects that aid retail survival, highlighting brand reputation as the topmost factor.[73] In February 2020, Monash University in Australia underlined the three key factors for a healthy survival during an apparent retail apocalypse as delivering a "great in-store retail experience", customer-targeted stock offerings, and "seamless omnichannel integration".[75]

See also

References

  1. ↑ Hartmans, Avery (2022-12-15). "The retail apocalypse isn't over: it's coming back to bite department stores, experts warn". Business Insider. https://www.businessinsider.in/retail/news/the-retail-apocalypse-isnt-over-its-coming-back-to-bite-department-stores-experts-warn/articleshow/96260856.cms. 
  2. ↑ Peterson, Hayley (1 January 2018). "A tsunami of store closings is about to hit the US — and it's expected to eclipse the retail carnage of 2017". http://www.businessinsider.com/store-closures-in-2018-will-eclipse-2017-2018-1. 
  3. ↑ 3.0 3.1 3.2 3.3 Thompson, Derek (April 10, 2017). "What in the World Is Causing the Retail Meltdown of 2017?". The Atlantic. https://www.theatlantic.com/business/archive/2017/04/retail-meltdown-of-2017/522384/. Retrieved April 10, 2017. 
  4. ↑ "These haunting photos of the retail apocalypse reveal a new normal in America". 24 March 2017. https://www.msn.com/en-us/money/companies/these-haunting-photos-of-the-retail-apocalypse-reveal-a-new-normal-in-america/ss-BByFpjX. 
  5. ↑ Taylor, Kate (1 November 2017). "One statistic shows how much Amazon could dominate the future of retail". Business Insider. https://www.businessinsider.com/retail-apocalypse-amazon-accounts-for-half-of-all-retail-growth-2017-11. 
  6. ↑ 6.0 6.1 Bernstein, Corinne. "retail apocalypse". Tech Target. https://www.techtarget.com/whatis/definition/retail-apocalypse. 
  7. ↑ 7.0 7.1 Wilson, Marianne (2019-08-11). "IHL Study: Five retailers opening stores for every retailer closing stores" (in en). https://chainstoreage.com/real-estate/ihl-study-five-retailers-opening-stores-for-every-retailer-closing-stores. 
  8. ↑ Valinsky, Jordan (8 January 2020). "Macy's is closing 28 stores and a Bloomingdale's store". https://amp.cnn.com/cnn/2020/01/08/business/macys-store-closures/index.html. 
  9. ↑ Peterson, Hayley (April 9, 2020). "Coronavirus could trigger a second coming of the retail apocalypse, with a new wave of bankruptcies and store closings expected to sweep the nation". https://www.businessinsider.com/coronavirus-could-trigger-retail-bankruptcies-and-mass-store-closings-2020-4. 
  10. ↑ 10.0 10.1 D'Innoncenzio, Anne (27 May 2020). "Tuesday Morning faced 'severe consequences' from COVID-19". https://www.chicagotribune.com/coronavirus/ct-nw-coronavirus-tuesday-morning-bankrupt-20200527-fduq7zyxuvdppcn3cfl4lqud4e-story.html. 
  11. ↑ Edwards, Helen; Edwards, Dave (8 December 2017). "The US middle class is disappearing, which makes dollar stores very happy". https://qz.com/1120552/the-retail-apocalypse-isnt-just-amazon-its-that-the-middle-class-is-disappearing. 
  12. ↑ Glen, Peter (1994). Ten Years of Peter Glen. ST Publications. p. 125. ISBN 9780944094037. https://books.google.com/books?id=TIyWTu5TAr0C&q=%22retail+apocalypse%22. Retrieved 18 August 2022. 
  13. ↑ Thomas, Lauren; Kopecki, Dawn; Schoen, John W. (2018-10-12). "Timeline: The rise and fall of Sears". https://www.cnbc.com/2018/10/12/timeline-the-rise-and-fall-of-sears.html. 
  14. ↑ Hirsch, Lauren; Thomas, Lauren (2018-10-15). "Sears files for bankruptcy, and Eddie Lampert steps down as CEO" (in en). https://www.cnbc.com/2018/10/15/sears-files-for-bankruptcy.html. 
  15. ↑ 15.0 15.1 Jones, Charisse; Bomey, Nathan (2018-10-15). "Sears files for Chapter 11 bankruptcy protection, to close 142 more stores" (in en). https://www.usatoday.com/story/money/2018/10/15/sears-bankruptcy/1595399002/. 
  16. ↑ Driscoll, Kara (March 27, 2017). "RETAIL APOCALYPSE: 3,500 stores or more to close this year". Dayton.com. https://www.dayton.com/business/retail-apocalypse-500-stores-more-close-this-year/RzTeZhnIk13YIlF0skFV3H/. 
  17. ↑ Bomey, Nathan (June 12, 2017). "Gymboree files bankruptcy, closing up to 450 stores". USA Today. https://www.usatoday.com/story/money/2017/06/12/childrens-apparel-chain-gymboree-files-chapter-11-bankruptcy/102772792/. 
  18. ↑ "Hasbro points to Toys R Us' demise in announcing layoffs". CBS News. October 22, 2018. https://www.wivb.com/news/national/hasbro-points-to-toys-r-us-demise-in-announcing-layoffs/1542038375. 
  19. ↑ Holman, Jordyn; Green, Jeff (13 December 2019). "Retail Apocalypse Gives More Women a Shot as CEO". https://www.bloomberg.com/news/articles/2019-12-13/retail-apocalypse-gives-more-women-a-shot-as-ceo. 
  20. ↑ James, Mark (8 February 2019). "Retail Apocalypse". https://target-help.com/retail-apocalypse/. 
  21. ↑ Kaplan, Marcia (January 12, 2017). "2016 Holiday Ecommerce Wrap-up". PracticalEcommerce. http://www.practicalecommerce.com/articles/132707-2016-Holiday-Ecommerce-Wrap-up. 
  22. ↑ Bain, Mark (19 July 2017). "America's vast swaths of retail space have become a burden in the age of e-commerce". https://qz.com/1032723/theres-much-more-empty-retail-space-in-the-us-than-in-other-countries-on-a-per-capita-level. 
  23. ↑ Gladwell, Malcolm (March 15, 2004). "The Terrazzo Jungle". The New Yorker. https://www.newyorker.com/magazine/2004/03/15/the-terrazzo-jungle. Retrieved November 9, 2017. 
  24. ↑ Sanburn, Josh (20 July 2017). "Why the Death of Malls Is About More Than Shopping". Time (magazine). https://time.com/4865957/death-and-life-shopping-mall/. 
  25. ↑ Peterson, Hayley (June 6, 2017). "Amazon's and Walmart's latest moves confirm the death of the middle class as we know it". http://www.businessinsider.com/amazon-and-walmart-confirm-the-death-of-the-middle-class-2017-6. 
  26. ↑ Meyersohn, Nathaniel (2019-07-19). "Dollar stores are facing backlash across America". https://www.cnn.com/2019/07/19/business/dollar-general-opposition/index.html. 
  27. ↑ Misra, Tanvi (December 20, 2018). "The Dollar Store Backlash Has Begun". CityLab. https://www.citylab.com/equity/2018/12/closest-grocery-store-to-me-dollar-store-food-desert-bargain/577777/. 
  28. ↑ Rosenblum, Paula (2014-04-15). "Walmart's Out Of Stock Problem: Only Half The Story?" (in en). Forbes. https://www.forbes.com/sites/paularosenblum/2014/04/15/walmarts-out-of-stock-problem-only-half-the-story/#1fb788873696. 
  29. ↑ Rosenblum, Paula (2014-04-22). "The Walmart Out-of-Stock Problem: Lessons Learned". https://www.rsrresearch.com/research/the-walmart-out-of-stock-problem-lessons-learned. 
  30. ↑ Townsend, Matt; Surane, Jenny; Orr, Emma; Cannon, Christopher (8 November 2017). "America's 'Retail Apocalypse' Is Really Just Beginning" (in en). Bloomberg.com. https://www.bloomberg.com/graphics/2017-retail-debt/?sref=CIpmV6x8. 
  31. ↑ Shephard, Alex (2018-03-28). "The Real Retail Killer" (in en-US). The New Republic. https://newrepublic.com/article/147669/real-retail-killer. Retrieved 2018-11-27. 
  32. ↑ Richter, Wolf (2017-08-02). "The retail apocalypse is being fueled by private equity firms adding to debt loads". Business Insider. https://www.businessinsider.com/brick-and-mortar-retail-private-equity-debt-financing-lbo-2017-8?international=true&r=US&IR=T. 
  33. ↑ Holliday, Anne (2020-05-13). "Gordmans Parent Company Files for Bankruptcy" (in en). https://wesb.com/2020/05/13/gordmans-parent-company-files-for-bankruptcy/. 
  34. ↑ Hadero, Haleluya (2023-02-02). "Amazon beats Q4 revenue estimates, but profits slump". Associated Press. https://apnews.com/article/technology-amazoncom-inc-north-america-earnings-business-3ed169ad4883a5f7cb6f6bf888564519. "Amazon has been struggling to right-size its business in the past year as consumers pulled back from the pandemic-induced move towards online shopping." 
  35. ↑ Kuhuk, Jane (2020-05-19). "COVID-19 shopping behavior: what products would customers rather buy online? [Infographic"] (in en). https://competera.net/resources/articles/ecommerce-online-shopping-behavior-retail-infographic. 
  36. ↑ Young, Sarah (9 June 2020). "Record number of retailers expected to close this year" (in en). ConsumerAffairs. https://www.consumeraffairs.com/news/record-number-of-retailers-expected-to-close-this-year-060920.html. 
  37. ↑ "2020 Store Closures in the US: Update—Covid-19 Impact Set To Drive Up Closures". 9 June 2020. https://coresight.com/research/us-store-closures-2020-outlook-covid-19-update-prolonged-impact-set-to-drive-up-closures/. 
  38. ↑ 38.0 38.1 "Coresight Bites: US Store Openings and Closures—2021 Review and 2022 Outlook". 2022-01-06. https://coresight.com/research/coresight-bites-us-store-openings-and-closures-2021-review-and-2022-outlook/. 
  39. ↑ Wargo, Buck (19 July 2022). "In Spite of Worries About Inflation, Downturn, Retail Leasing Has Thrived This Year". Wealth Management. https://www.wealthmanagement.com/retail/spite-worries-about-inflation-downturn-retail-leasing-has-thrived-year. 
  40. ↑ Spector, Mike; Trachtenberg, Jeffrey A. (July 19, 2011). "Borders Forced to Liquidate, Close All Stores". https://www.wsj.com/articles/SB10001424052702303661904576454353768550280. 
  41. ↑ Pete, Joseph S. (October 10, 2020). "Merrillville-based Carson's closed its only brick-and-mortar store". Times of Northwest Indiana. https://www.nwitimes.com/business/lake-newsletter/merrillville-based-carsons-closed-its-only-brick-and-mortar-store/article_29f59b28-79a9-50a3-b970-b3fb3016c128.html. 
  42. ↑ "Liquidators to wind down US department store chain Bon-Ton" (in en). 2018-04-18. https://www.cnbc.com/2018/04/17/liquidators-to-wind-down-us-department-store-chain-bon-ton.html. 
  43. ↑ Valinsky, Jordan (May 31, 2022). "About 100 Sears Hometown stores are closing". CNN Business. https://www.cnn.com/2022/05/31/business/sears-hometown-closures/index.html. 
  44. ↑ Franco, Judi (2022-07-06). "Sad word on the street: This NJ JC Penney closing after 46 years". nj1015.com (New Jersey 101.5). https://nj1015.com/sad-word-on-the-street-this-nj-jcpenney-closing-after-47-years/. 
  45. ↑ Burch, Christopher (2022-05-05). "JCPenney makes offer to buy competitor Kohl's". NJ Advance Media. https://www.nj.com/business/2022/05/jcpenney-makes-offer-to-buy-competitor-kohls.html. 
  46. ↑ Bhattarai, Abha (July 18, 2019). "Toys R Us is back from the dead, but its new stores are unrecognizable". The Washington Post. https://www.washingtonpost.com/business/2019/07/18/toys-r-us-is-back-dead-its-new-stores-are-unrecognizable/. 
  47. ↑ Valinsky, Jordan (2021-01-31). "Toys 'R' Us has closed all its stores – again". https://www.cnn.com/2021/01/31/business/toys-r-us-closures/index.html. 
  48. ↑ Geske, Dawn (June 4, 2019). "J.Crew Store Closures 2019: Everything You Need To Know". https://www.ibtimes.com/jcrew-store-closures-2019-everything-you-need-know-2797676. 
  49. ↑ Tyko, Kelly (2019-08-06). "Barneys New York files for bankruptcy and announces 15 closing stores. See the list.". https://www.usatoday.com/story/money/2019/08/06/barneys-new-york-bankruptcy-luxury-retailer-closing-15-stores/1930050001/. 
  50. ↑ Duffy, Clare (2020-02-03). "Forever 21 Bankruptcy: Retailer enters deal to sell for $81 million". https://www.cnn.com/2020/02/02/business/forever-21-bankruptcy-sale-brookfield/index.html. 
  51. ↑ Naidu, Richa; Venugopal, Aishwarya (2019-09-29). "Forever 21 closing stores in bankruptcy filing shows limits to fast fashion". reuters.com (Reuters). https://www.reuters.com/article/us-forever21-bankruptcy-idUSKBN1WF043. "815 stores" 
  52. ↑ "Forever 21 History Case Study- The Rise & Fall". 440 Industries. 2022-04-11. https://440industries.com/forever-21-history-case-study-the-rise-fall/. "Today, the brand owns over 600 stores" 
  53. ↑ Thomas, Lauren (January 16, 2020). "Payless ShoeSource emerges from bankruptcy — again". https://www.cnbc.com/2020/01/16/payless-shoesource-emerges-from-bankruptcyagain.html. 
  54. ↑ Johns, Nikara (2022-01-06). "Twitter Can't Stop Talking About Payless Shoes — Here's Why". https://footwearnews.com/2022/business/retail/payless-shoes-trending-twitter-1203227258/. 
  55. ↑ 55.0 55.1 "The running list of 2020 retail bankruptcies". https://www.retaildive.com/news/the-running-list-of-2020-retail-bankruptcies/571159/. 
  56. ↑ Ilchi, Layla (2020-07-24). "What to Know About Neiman Marcus' Bankruptcy". wwd.com (Women's Wear Daily). https://wwd.com/fashion-news/fashion-scoops/neiman-marcus-bankruptcy-what-to-know-1203565951/. 
  57. ↑ "Neiman Marcus Group". Forbes. https://www.forbes.com/companies/neiman-marcus-group/?sh=1f11f1136005. 
  58. ↑ Unglesbee, Ben (2020-05-27). "Tuesday Morning files for bankruptcy with plans to close a third of its stores" (in en-US). https://www.retaildive.com/news/tuesday-morning-files-for-bankruptcy-with-plans-to-close-a-third-of-its-sto/578660/. 
  59. ↑ "With fresh financial backing, Tuesday Morning turns its attention to store location strategy". Home Texrtiles Today. 2022-07-19. https://www.hometextilestoday.com/retailers/with-fresh-financial-backing-tuesday-morning-turns-its-attention-to-store-location-strategy/. 
  60. ↑ Tyko, Kelly (2020-06-24). "Is your GNC closing? Retailer releases list of first stores to shutter in bankruptcy. See the list.". usatoday.com (USA Today). https://www.usatoday.com/story/money/2020/06/24/gnc-store-closures-list-2020-first-stores-bankruptcy/3252560001/. 
  61. ↑ Stone, Madeline (2020-06-24). "GNC is closing 248 stores after filing for bankruptcy. Here's the full list.". https://www.businessinsider.com/gnc-closing-stores-list-of-addresses-2020-6. 
  62. ↑ Muccigrosso, Catherine (2022-03-04). "Charlotte CBD company is expanding nationally by teaming up with major US retailer". charlotteobserver.com (The Charlotte Observer). https://www.charlotteobserver.com/news/business/whats-in-store/article259016583.html. 
  63. ↑ Wattles, Jackie (July 5, 2017). "True Religion files for bankruptcy". CNN. https://money.cnn.com/2017/07/05/news/companies/true-religion-bankruptcy/index.html. 
  64. ↑ Bhasin, Kim; Holman, Jordyn (2020-04-13). "True Religion Files for Bankruptcy Again as Denim's Allure Fades". Bloomberg. https://www.bloomberg.com/news/articles/2020-04-13/true-religion-files-for-bankruptcy-again-as-denim-s-allure-fades. 
  65. ↑ Moin, David (2021-10-04). "Behind a Rebound, True Religion Aims to Double Revenues". Women's Wear Daily. https://wwd.com/business-news/markets/true-religion-michael-buckley-1234962798/. 
  66. ↑ Kavilanz, Parija (9 July 2020). "Coronavirus canceled office clothing. These stores are in big trouble". https://www.cnn.com/2020/07/08/business/office-wear-dead-brooks-brothers/index.html. 
  67. ↑ Maheshwari, Sapna (2020-08-12). "Bankrupt Brooks Brothers Finds a Buyer". The New York Times. https://www.nytimes.com/2020/08/12/business/brooks-brothers-sale-authentic-brands.html. 
  68. ↑ "Number of Brooks Brothers locations in the United States in 2022". ScrapeHero. 2022-06-27. https://www.scrapehero.com/location-reports/Brooks%20Brothers-USA/. 
  69. ↑ 69.0 69.1 Morgan, Blake (2019-09-03). "Slow Your Roll Robots: Not Everyone Is Excited About Walmart's Robots". https://www.forbes.com/sites/blakemorgan/2019/09/03/slow-your-roll-robots-not-everyone-is-excited-about-walmarts-robots/. 
  70. ↑ Lunden, Ingrid (2017-09-12). "IKEA Place, the retailer's first ARKit app, creates lifelike pictures of furniture in your home". https://social.techcrunch.com/2017/09/12/ikea-place-the-retailers-first-arkit-app-creates-lifelike-pictures-of-furniture-in-your-home/. 
  71. ↑ Lunden, Ingrid (2020-04-02). "Ikea acquires AI imaging startup Geomagical Labs to supercharge room visualisations". https://social.techcrunch.com/2020/04/02/ikea-acquires-ai-imaging-startup-geomagical-labs-to-supercharge-room-visualisations/. 
  72. ↑ Meyersohn, Nathaniel (2019-08-15). "Stores are starting to feel a lot more like the internet". https://www.cnn.com/2019/08/15/tech/retail-technology-nike-macys-reformation/index.html. 
  73. ↑ 73.0 73.1 Fertik, Michael (2019-05-02). "How to Avoid Being Victim to the Retail Apocalypse". https://www.forbes.com/sites/michaelfertik/2019/05/02/how-to-avoid-being-victim-to-the-retail-apocalypse/. 
  74. ↑ "ICSC "Halo Effect" Study Finds Physical Stores Drive Increase in Online Traffic and Brand Awareness" (in en). 2018-10-15. https://www.icsc.com/news-and-views/icsc-exchange/icsc-halo-effect-study-finds-physical-stores-drive-increase-in-online-traff. 
  75. ↑ "The trick to thriving in a 'retail apocalypse'". Australia: Monash Business School, Monash University. 2020-02-12. https://impact.monash.edu/retail/the-trick-to-thriving-in-a-retail-apocalypse/. 

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