Retail stores that are closing down

Is your favorite retailer going out of business this year?

Retail stores that are closing down 1
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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 have hit a new high in 2020 and 2021, with global marketing research firm Coresight Research having forecasted 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 are 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.

Muji

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Credit: Muji / Wikimedia Commons

In July 2020, the U.S. operations of Japanese lifestyle retailer Muji filed for Chapter 11 bankruptcy, citing shutdowns from the COVID-19 pandemic. In a statement, the retailer said it will be restructuring its business and will be running fully operational while closing unprofitable stores.

Prior to the coronavirus pandemic, Muji USA had already been struggling with steep rental prices in prime locations and landmarks such as its New York Times Square and Fifth Avenue flagships. Rents were renegotiated but had failed to reach a solution to overcome its costs, causing the business difficulties to stay afloat.

Interesting facts about BTS
  • The group name, “BTS” stands for the Korean expression Bangtan Sonyeondan which translates to “Bulletproof Boy Scouts”. Band member J-Hope said that they chose this name because it represents BTS’s desire “to block out stereotypes, criticisms, and expectations that aim on adolescents like bullets.” But that isn’t the only meaning behind the name. In 2017, BTS said, as part of their new brand identity, that their name would also stand for Beyond the Scene” which extended their name to mean “growing youth BTS who is going beyond the realities they are facing, and going forward.”
  • BTS was originally intended to be a hip-hop group, similar to YG Entertainment’s 1TYM. This was because Big Hit Entertainment CEO Bang Si-hyuk met with RM and was very impressed by his rapping talents. However, Bang Si-hyuk changed his mind and decided that today’s youth needed “a hero who can lend them a shoulder to lean on, even without speaking a single word.”
  • BTS has said that all of the following musicians have inspired their music; Post Malone, Eminem, Seo Taiji and Boys, Nas, Kanye West, Drake, Charlie Puth, Danger, and Queen.
  • The band’s first English-language single, “Dynamite”, was released on August 21st. Its video broke the YouTube record for the most viewed music video premiere, grabbing the attention of three million viewers, and it set a new record for the most viewed video on the first day of release. “Dynamite” is also the first music video on YouTube to surpass 100 million views in less than one day.
  • BTS has been often labeled as “easily the biggest and most successful name in K-pop in the world” that can “do things no other name in their genre can.” Time magazine has gone as far as calling them the “Princes of Pop.”