LOS ANGELES (CBSLA) – It’s not yet a retail apocalypse, but the end is officially near for an increasing number of some of America’s biggest retailers just days into the new year.
Macy’s, J.C. Penney, Express, and other retailers are set to close more than 1,200 stores across the U.S. over the course of 2020, according to market research firm Coresight.
That number includes an announcement last month that Pier 1 Imports will shutter roughly half of its 942 stores.
Foot traffic to brick-and-mortar stores has declined by nearly 5 percent in the third week of January, compared with the same period in 2019.
Analysts have linked much of that decline with a jump in e-commerce, which made up more than 11% of total retail in the third quarter of 2019 – a 4.2% jump during the same period in 2010.
Last year, several big-name chains closed more than 9,000 stores, including Payless ShoeSource, Gymboree, Charlotte Russe, Forever 21, Sears, Kmart and GameStop, among others, according to Coresight.