This year, more retail stores will open than close, according to a report from Coresight Research published on CNBC. Retailers have collectively announced the openings of 3,199 but only 2,548 store closures. It is the first time in years that store openings have surpassed store closures.
This is a significant turnaround from 2020, when 8,953 stores shuttered, while only 3,298 opened, largely due to the pandemic. However, 2021 store openings are on track to surpass activity in 2019 and 2018, when 4,548 and 3,747 stores opened doors, respectively, according to research from Coresight Research.
Much of this is no doubt due to the expected surge in consumer spending as stimulus checks hits bank accounts. Also, as the COVID vaccines continue to roll out, stores are likely to see more foot traffic.
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Kelsi Maree Borland
