As many as 25,000 stores could shutter this year as businesses continue to feel the impacts of the coronavirus pandemic, according to a new report from Coresight Research.
The global market research firm previously estimated 15,000 stores would close this year following a record number of closings in 2019and the liquidation of chains like Payless ShoeSource, Gymboree and Dressbarn.
"We anticipate that approximately 55%-60% of all store closures will be mall-based," Coresight said in the report released Tuesday. "The coronavirus outbreak could accelerate a correction in mall space that already looks overdue."
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COVID-19 has hit retailers who were already in debt harder than others and bankruptcy filings have increased due to the pandemic with J.C. Penney, Neiman Marcus and J. Crew recently filing for Chapter 11.
