In 2107, a record number of stores closed in the UK. The situation is going to continue this year as well. More than 3.600 closures are expected in 2018, according to an analysis by Business Insider.
The Retail Apocalypse
Online outlets continue to enjoy unprecedented growth. It’s been another tough Christmas time for the High Street. Walgreens, Toys R Us, and Gap are some of the many retailers that are planning to close hundreds of stores in 2018.
In 2017, Toys R Us announced it was preparing to close a quarter of its UK stores, which would result in the loss of hundreds of jobs.
Gymboree, the children’s clothing retailer, announced in July that it was going to shut 350 stores. As of November, the retailer had closed 248 stores. The Children’s Place is going to shut 144 stores by the year 2020.
New Look, a clothing retailer, goes on struggling against hard economic conditions on the High Street. New Look has recently had an 8% drop in like-for-like sales. The retailer thinks it’ll close stores.
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