News

25,000 U.S Stores Are Expected To Permanently Close In 2020 Due To COVID-19

Due to the coronavirus pandemic, 25.000 mall-based retail stores are expected to permanently close especially those which were financially at risk before the pandemic began.

Coresight Chief Executive Officer Deborah Weinswig told reporters, “If the anchor tenants close stores in the mall, other tenants are likely to follow suit,” creating a “ripple effect” with other apparel-chain stores leaving malls at serious risk.

The U.S. has the most retail-selling space per capita of any nation in the world and the least deals per square feet, a study by Cushman and Wakefield found.

Since mid-March, stores have been closed due to COVID-19. Although quarantine restrictions are being slowly lifted, stores remain closed or have limited services. As of June 5, an estimated 4,000 stores are expected to shut down completely including Victoria’s Secret and J.C Penny.

Subscribe to our free weekly newsletter!

A week of political news in your in-box.
We find the news you need to know, so you don't have to.

With these closures, 15 major retailers have filed for bankruptcies as they are losing revenue from the pandemic.

Leslie Ortiz

Recent Posts

Virginia GOP Lt. Gov. Candidate John Reid, Accused Of Running Explicit Gay Tumblr, Says Gov. Glenn Youngkin’s Team Is ‘Extorting’ Him

A resurfaced audio recording reveals Matt Moran, the top political strategist for Virginia Gov. Glenn…

9 hours ago

Supreme Court Allows Trump Administration To Implement Its Transgender Military Ban

The U.S. Supreme Court allowed President Donald Trump's administration to place a ban on transgender…

14 hours ago

Israel Approves Plan To Reoccupy Gaza Strip Indefinitely

On Monday, Israel’s cabinet approved a plan to reoccupy the Gaza Strip for an indefinite…

2 days ago

Trump Administration Offers Undocumented Migrants $1000 To Self-Deport

On Monday, the Department of Homeland Security announced a new program offering undocumented immigrants a…

2 days ago

Trump Says He ‘Doesn’t Know’ Whether He’s Obligated To Uphold The Constitution In Startling Interview

President Donald Trump raised eyebrows after answering he was unsure whether he is obligated to…

2 days ago

Former House Speaker Nancy Pelosi Slams Trump Plan To Reopen Alcatraz As ‘Unserious’

President Donald Trump has announced plans to reopen Alcatraz, the infamous maximum-security prison in San…

2 days ago