More than 8,600 stores could close in 2017, a record estimate of closures compared to recent years.
A new research report from brokerage firm Credit Suisse estimated that more than 8,600 stores will close this year, up from the 2,065 that closed last year and the 5,077 store closures in 2015.
» RETAIL APOCALYPSE: 3,500 stores to close in 2017
Major retailers across the country have taken a hit as consumers shift their spending habits online. The impact of the closures is far-ranging, impacting the job market and retail destinations in Dayton, Springfield and Northern Cincinnati. Around 100 stores have closed or will close in Ohio this year.
Retailers that have closed locations include: The Limited, Family Christian, RadioShack, Sears, Kmart, JC Penney, Macy’s, BCBGMAXAZRIA, Bebe, Crocs, GameStop, American Apparel, Guess, Gander Mountain and Rue21.
“When you’re talking about sales that go to online-only retailers that don’t have presence here, that’s a shift in consumer demand,” said Gordon Gough, president and CEO of the Ohio Council for Retail Merchants. “Will it have an impact on the local economies? Sure.”
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