- Retailers have confirmed more than 1000 store closures in 2021 so far.
- Disney, Best Buy, and Macy’s are a few of the stores planning to close locations this year.
- More than 8,000 US stores closed last year, and experts predict 10,000 possible closures in 2021.
- Visit the Business section of Insider for more stories.
Retailers have announced plans to close more than 1000 stores this year, and experts say the total could reach 10,000 stores or more.
Mass closures, referred to as the retail apocalypse, have continued over the past few years. In 2020, more than 8,300 US stores closed, following 9,300 in 2019, according to Insider analysis. Research firm Coresignt predicts this trend will continue into 2021. The COVID-19 pandemic made online orders surge over the past year, but it wreaked havoc on brick and mortar retailers. Other retailers that didn’t close filed for bankruptcy, including J Crew, Nieman Marcus, and JCPenney.
Here’s a list of stores expected to close this year.
Disney: 60 stores
The closures will affect 20% of Disney’s 300 global retail stores before it looks at more potential closures, especially in Europe, according to CNBC. Japan and China will not be affected. Disney also acknowledged that this change would lead to layoffs but declined to say how many people will be impacted.
Best Buy: 5
Best Buy is closing five stores across the US in early 2021, the retailer confirmed to four local news outlets.
Francesca’s filed for Chapter 11 Bankruptcy in December and closed 140 of 700 total stores in January.
The closures are part of the plan the retailer announced back in February 2020 to close 125 stores by 2023, about one-fifth of total locations. At the time, Macy’s also announced that it would cut 2,000 corporate jobs.
Bed Bath and Beyond: 43
Home goods retailer Bed Bath & Beyond closed 43 stores in February, after 63 closures in 2020.
Paper Source: 11
Greeting card store Paper Source filed for Chapter 11 Bankruptcy and announced plans to close 11 of its 158 stores.
Goodwill announced plans to close eight Bay Area stores this year.
The Children’s Place: 122
Children’s retail apparel chain The Children’s Place plans to close 122 stores in 2021 to complete the 300 closure goal it previously announced, according to fourth-quarter earnings.
Fast fashion retailer H&M plans to close 350 stores in 2021 and open 100, for a net loss of 250 stores. The company cited a rise in e-commerce.
Accessories retailer Fossil is closing at least 65 stores after decreased sales in 2020, BisNow reported.
DSW has plans to close 65 stores over the next four years, making up 10% of total locations after a 36% drop in sales in 2020, Biz Journals reported.