The outlook: Brick-and-mortar retail is in for a tough year.
- Retailers have already announced more than 2,000 store closures this year, with merchants such as Advance Auto Parts, Walgreens, Kohl’s, and Macy’s among those planning to shutter locations, per Coresight Research.
- Over 15,000 brick-and-mortar locations are set to shutter this year—more than double last year's 7,325 closures. The research firm also projects 9,200 net store closures, significantly outpacing the 5,994 recorded at the pandemic's peak in 2020.