As more consumers shift to online shopping, the number of closures among department stores, supermarkets, minimarts, and other retail shops continues to grow. And due to the ongoing COVID-19 pandemic, store closures could hit a new high in 2020 and 2021, with global marketing research firm Coresight Research forecasting over 15,000 gross closures in 2020 ― up from a record-high of 9,548 in 2019. To get a clear picture of how the rise of e-commerce and the threat of the current pandemic have hurt retailers so far, below is a slideshow of companies that have or about to shut down some or all of their brick-and-mortar stores in the U.S. this 2020 and 2021. The list also includes some notable businesses that closed a huge number of stores in 2019.
Consumer electronics chain Fry’s Electronics stopped the regular operations of all its 31 stores across nine U.S. states and started the “wind-down” process on February 24th, 2021. “It is hoped that undertaking the wind-down through this orderly process will reduce costs, avoid additional liabilities, minimize the impact on our customers, vendors, landlords and associates, and maximize the value of the company’s assets for its creditors and other stakeholders,” the company said in a statement posted on its website.
The 36-year-old company said it made the difficult decision to shut down its operations and close its business permanently because of the changes in the retail industry and the challenges posed by the COVID-19 pandemic.