Why so many stores are closing now?

As of May 2020, the rash of bankruptcies and store closings is expected to greatly intensify due to the financial impact of the COVID-19 pandemic. J. Crew, Neiman Marcus, Stage Stores, JCPenney, and Tuesday Morning were among the first major retailers to file for bankruptcy during the pandemic.

Are retail stores closing in the US?

UBS sees another 80,000 U.S. stores closing by 2026 Retail’s real estate reckoning is far from over. In a research note published on Monday, UBS forecast that some 80,000 retail stores, or roughly 9\% of the current total, will shut their doors permanently by 2026.

Why are malls in America closing?

Most malls took a hit during last year’s pandemic shutdowns and have struggled to attract customers back to the great indoors. A slew of bankruptcies, including J.C. Penney and Brooks Brothers, fueled closures. And healthy retailers decided to shutter their least-profitable stores, causing another exodus.

Will shopping malls disappear?

About 20\% of 1,000 US malls will close or go through a “major repurposing,” but “the American mall is not, in fact, dead,” according to a new analysis from Moody’s Analytics. Moody’s predicts that one-fifth of American malls will either be renovated, repurposed, or razed to make way for new properties.

Is Nordstrom going out of business?

Here’s the list. Nordstrom plans to permanently close three Jeffrey designer stores, in addition to the 16 full-line department stores that it’s shutting down in Arizona, California, Colorado, Florida, New Jersey, Maryland, Oregon, Virginia, Texas, and Puerto Rico.

Is Neiman Marcus better than Nordstrom?

Neiman Marcus is the highest end, with the highest end brands and the high prices to go with them. Nordstrom is upscale and very nice but a notch below Neiman. Macy’s is below that but much more reasonable prices.