The fear of an impending “retail apocalypse” is overblown with store openings outpacing closings in 2018 by nearly 4,000 and just a “handful” of retailers responsible for most of the losses, according to a new report from IHL Group.
“There has been a great deal of negative press about retail in the last two years,” Greg Buzek, president of the research and advisory firm told Chain Store Age. “Overall, retail is very healthy… But there are vast differences in retail segments with some growing rapidly and others struggling.”
The report looked at data from more than 1,500 retailers and found that 16 stores represented about two-thirds (66 percent) of all retail store closings, including the much-publicized closing of more than 200 Toys ‘R’ Us locations in June. Retailers will open 12,663 stores and close 8,828 stores in 2018, per the report.