Retail Apocalypse: Is Recession Next?
Yesterday we got the news that Gymboree is closing 350 stores as it works its way through bankruptcy reorganization. So Gymboree joins a rapidly growing list of retailers shuttering stores or closing up shop completely. I’m no economist, but the rapidly developing retail apocalypse is likely to end only one way: Recession. I think we’ve reached the inevitable tipping point descending into recession. Let’s review. Macy’s, Sears and J.C. Penney welcomed the New Year 2017 with news they planned to close some 250 stores, most of them mall anchors. Following those announcements, numerous national retail chains piled on. According to a recent report by Credit Suisse, a total of 8,640 stores will shutter this year. That’s 40% more than closed in 2008 during the depths of the recession. Read more at Forbes.
