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Not even during the worst parts of the last recession did things ever get this bad for the U.S. retail industry. As you will see in this article, more than 300 retailers have already filed for bankruptcy in 2017, and it is being projected that a staggering 8,640 stores will close in America by the end of this calendar year. That would shatter the old record by more than 20 percent. Sadly, our ongoing retail apocalypse appears to only be in the early chapters. One report recently estimated that up to 25 percent of all shopping malls in the country could shut down by 2022 due to the current woes of the retail industry. And if the new financial crisis that is already hitting Europe starts spreading over here, the numbers that I just shared with you could ultimately turn out to be a whole lot worse.
I knew that a lot of retailers were filing for bankruptcy, but I had no idea that the grand total for this year was already in the hundreds. According to CNN, the number of retail bankruptcies is now up 31 percent compared to the same time period last year…
The closure of thousands of retail chain stores last year and this year, with many more to come – from big anchor tenants such as Macy’s to smaller stores such as Payless Shoes – and the bankruptcies and debt restructurings ricocheting through the industry are having an impact on retail malls. And mall investors – that may include your retirement account – are getting crushed.
The commercial real estate industry has been claiming that these shuttered retail spaces are being converted into restaurants or fitness centers or smaller shops or whatever. And zombie malls are leasing out their parking lots to car dealers to store their excess new vehicle inventory, and that everything is going to be fine.
The devastation in the US retail sector is accelerating in 2017, and in addition to the surging number of brick and mortar retail bankruptcies, it is perhaps nowhere more obvious than in the soaring number of store closures.
H/t reader kevin a.
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Consumerism has long been a defining element of American society, but retail giants are now shutting down thousands of their locations amid a long-anticipated “retail apocalypse,” as Business Insider describes it.
The outlet reports that over the next couple months, more than 3,500 stores are expected to close:
“Department stores like JCPenney, Macy’s, Sears, and Kmart are among the companies shutting down stores, along with middle-of-the-mall chains like Crocs, BCBG, Abercrombie & Fitch, and Guess.”
Flashback from 2013:
H/t reader squodgy:
“It’s all DOWNWARD….
We’ve been ridiculed with our realistic forecasts for being depressing.
The fact is we are being honest and realistic. So F.U. to the “Unbelievers”.”
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Mar 2, 2017
Silver and gold was slammed today. Initial jobless claims is at its lowest point in 44 years. BCBG filed bankruptcy. The art bubble is popping. CalPers threatens to slash pension benefits. Trump sent a message to every American that the economy is collapsing. Rickards, Stockman say Trump will not be able to avoid the debt bomb that is ready to go off. The Fed has set the stage to bring down the economy. BofA has analyzed the market and makes a prediction that the economy will collapse in the second half of this year.
H/t reader squodgy.
‘The Great Economic Collapse’ coming to a country near you, …
… as planned by …
And it will happen exactly, when these bastards press this button …
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