Detailed Findings & Methodology
An estimated 76% of Americans regularly use the internet, up from just 43% in 2000. This ever increasing access to instant information and services has had far reaching and profound effects on society and the economy — perhaps most notably in the retail sector.
In the last three years, revenue of e-commerce giant Amazon climbed 66%, from $107.0 billion in 2015 to $177.9 billion in 2017. Meanwhile, revenue of once seemingly unassailable brick-and-mortar department stores like J.C. Penney, Macy’s, and Sears Holdings, are all down over the same period.
Although many shoppers still frequent these stores, many increasingly use them to find the products they want only to buy them online. This practice is known as showrooming.
In an attempt to adjust to changing consumer preferences, many companies on this list are focusing more heavily on e-commerce. Businesses as diverse as department stores and more focused retailers such as casual footwear manufacturer Crocs are all putting greater emphasis on online sales. Other companies, like Best Buy, have adjusted to the growing threat of e-commerce by offering to match Amazon’s prices in store.
For others, any attempt at change has been too little, too late. Two companies on this list — Bon-Ton and Toys “R” Us — filed for bankruptcy and will be liquidating their assets this year.
To identify the companies closing the most stores, 24/7 Wall St. reviewed major U.S. retailers that have announced store closings for 2018. All listed store closings are based on company announcements of closures that will either take place at least partially in 2018. Store counts represent the total number of stores worldwide, unless a specific geography is noted, and are from the company annual reports and corporate websites. Store counts represent the most recent available number and do not necessarily factor in closings.
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