Most retailers are certainly not Technocrats, but Amazon is and it is intent on decimating the entire retail industry in America. ? TN Editor
A larger-than-average slew of retail bankruptcies and stores being shuttered rocked the industry this year, making headlines and dragging even some of the better-performing companies such as Home Depot, TJ Maxx and Costco down with the dismal news.
So far in 2017, 6,985 store closure announcements have been made, according to a tracker from FGRT (formerly Fung Global Retail & Technology). That's up more than 200 percent from a year ago, based on the firm's findings.
"Store closures are a major theme in U.S. retail, as many overspaced retailers are reacting to the migration of sales online by closing physical locations," FGRT's Deborah Weinswig wrote in a recent note to clients.
Still, shoppers may not yet realize the full impact of these changes. While announcements were made by retailers such as Charming Charlie, Perfumania, Crocs and GameStop, among others, some have yet to shutter their doors. The closure may not come until 2020, in some cases.