If You Thought 2020 Was Tough for Retailers, Top Research Firm Says 2021 Will Be Far Worse

If You Thought 2020 Was Tough for Retailers, Top Research Firm Says 2021 Will Be Far Worse

Look down any Main Street in Rhode Island and see the retail "For Lease" signs. Malls from Providence Place to Garden City have been impacted. 

From Newport’s Thames to Providence’s Thayer and Woonsocket's Main Streets, every area has been hit by store closures.

Small retailers like Barrington Books at Garden City to longtime art store Z Gallery on Federal Hill are closing at their current locations. 

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In 2020, retail store closures ended up tracking at 8,741 across the United States. Numerous retail chains saw bankruptcy, along with 3,304 openings. That was a deceleration from the 9,832 closures tracked in 2019 — the highest number Coresight Research tracked.

As bad as 2019 and 2020 were, this week the Coresight forecasts 10,000 store closures in 2021 — which would represent a 14% uptick from 2020 levels.

Coresight also forecasts that retailers will announce 4,000 store openings in 2021, driven by growth primarily in grocery discounters and dollar store chains verticals.