In April of 2017, Brokerage firm Credit Suisse said in a research report that “it’s possible more than 8,600 brick-and-mortar stores will close in 2017.”
According to CNN, “if stores do close at that projection, it could mean America will lose more than 147 million square feet of retail space this year.”
Those are STAGGERING predictions, made especially dire when compared to 2008, the worst year on record, when 6,163 stores closed in the wake of the financial collapse. No doubt, consumer migration from physical stores to online retailers, like Amazon have A LOT to do with this decline.
Nobody understands this situation better than small Mom-and-pop stores, which have almost become extinct over the last couple decades due to the presence of large chain stores.
Now the retail reaper has begun to come for them too.
Relief can seem unobtainable, but there are ways to stave off the closing curtain.