Record 8,640 Retail Stores Are Closing In 2017

Posted: April 24, 2017 in Uncategorized

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“Barely a quarter into 2017, year-to-date retail store closings have already surpassed those of 2008.”

Nwo Report

(Zero Hedge)  “Thousands of new doors opened and rents soared. This created a bubble, and like housing, that bubble has now burst.”

        – Richard Hayne, Urban Outfitters CEO, March 2017

HH Gregg photo

Photo by Phillip Pessar (CC)

The devastation in the US retail sector is accelerating in 2017, and in addition to the surging number of brick and mortar retail bankruptcies, it is perhaps nowhere more obvious than in the soaring number of store closures.

While the shuttering of retail stores has been a frequent topic on this website, most recently in the context of the next “big short”, namely the ongoing deterioration in the mall REITs and associated Commercial Mortgage-Backed Securities and CDS, here is a stunning fact from Credit Suisse:“Barely a quarter into 2017, year-to-date retail store closings have already surpassed those of 2008.”

According to the Swiss bank’s calculations, on a unit basis, approximately 2,880 store…

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Comments
  1. And of course, it’s ALL the fault of Amazondotcom! Yeah! I’m buying that and if anyone believes it then I’ve got a bridge in London that I’m selling dirt cheap!

    But over on Wall Street, stocks are soaring and so the game of fake money, smoke and mirrors continues while the glitzy and the glamorous of Hollywood continue to churn out fiction to continue the hypnotization of the brain dead masses. And if we will only follow Kim Kartrashcan and crew, why we won’t ever feel the hunger pangs and hear the growls from our empty bellies.

  2. Interesting how they blame everything on Amazon, isn’t it Shelby? A company that has yet to show a profit despite being in business for over 20 years and massively exploiting the mostly temporary workers they employ. I think you and I need to get together and offer a course in basic economics to the economists and corporate media whores who come out with this shit.

    Thanks for commenting.

    • Dr. Bramhall, I’ve been at this since 2013 and I can quite honestly say that I’ve only seen Americans grow more stupid. They believe everything they see on Faux News and the other mainstream media outlets while they try and silence our voices. We are probably looked at as fake news when we are quite literally, the real deal. I’d go on the circuit in a heartbeat with you to teach basic economics if I thought it would do any good, but you know us Americans, ever the ostriches with our heads buried in the sand we are and we want to stay that way. But we do thank you for wanting to educate us and all, but we want to remain clueless and stupid, thank you very much.

  3. Alan Scott says:

    And since retail consumer spending is one of the main foundations of the US economy (that and the sale of weapons), I’d say they’re in big trouble!

    • That’s austerity for you, Alan. It inevitably leads to an escalating downward spiral. The technical term for it is deflation. Which is considered a dirty word although it perfectly describes what’s happening.

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