Major retailers across the country are closing brick-and-mortar stores at an alarming rate, in what some are coining the “retail apocalypse.”
At least 8,600 stores are expected to close in 2017, as consumers shift their spending habits online. The effects of the closures are far-ranging, impacting the job market and retail destinations in Dayton, Springfield and Cincinnati. Here’s a look at what’s happening:
WHAT STORES ARE CLOSING?
Retailers that have closed locations include: The Limited, Family Christian, RadioShack, Sears, Kmart, JC Penney, Macy’s, BCBGMAXAZRIA, Bebe, Crocs, GameStop, American Apparel, Guess, Gander Mountain, Payless ShoeSource, and Rue21.
HOW MANY PEOPLE ARE AFFECTED?
At least 100 stores have closed or will close this year in Ohio, affecting thousands of retail workers. A new research report from brokerage firm Credit Suisse estimated that more than 8,600 stores will close this year, up from the 2,065 that closed last year and the 5,077 store closures in 2015.
Nearly 61,000 jobs have been eliminated in the retail industry since January, according to a report from Marketplace. However, retailers say they are adding more distribution jobs to keep up with online shopping demands.
WHY IS THIS HAPPENING?
Retailers are shifting to meet the demands of consumers. As…