Update on retail stores = more bad news

Between 

20,000 

and 25,000 

retail stores, 

many in malls, 

are expected 

to be closed 

permanently 

in 2020.

The numbers 

are from 

Coresight 

Research, 

and are up 

from their 

prior estimate

of 15,000 

store closingz.

2019 had set 

a record with 

almost 10,000 

stores closed,

thanks to the 

growth of online

shopping. 

Department stores

and clothing stores 

are currently doing 

the worst.

About 4,000 

store closures 

have already 

been announced 

through June 5, 

according to 

Coresight 

Research. 

Among the 

biggest names 

are J.C. Penney, 

Pier 1 Imports, 

J.Crew, Neiman 

Marcus, and 

Stage Stores.

Other retailers 

are delaying

their filings for 

bankruptcy

protection 

until they can 

reopen their stores

for liquidation sales. 

Lord & Taylor 

has announced 

it would liquidate 

in this manner. 

L Brands, which owns 

Victoria’s Secret, and 

other brands, has been 

closing lots of stores.

CBL Property Group, 

a mall REIT with over 

100 malls in 26 states, 

isued a “going concern” 

warning on June 5. 

it only collected 27% 

of its rents for April,

as of the end of May. 

Simon Property Group

            ( SPG ) 

the largest mall-REIT 

in the US, announced 

on June 10, that it had 

terminated its $3.6 billion 

merger with mall-REIT, 

Taubman Centers.

SPG, in whose 

malls are 412 Gap, 

Banana Republic, 

and Old Navy stores –

filed suit against Gap ,

who withheld rents for

April, May and June. 

Tailored Brands, 

which owns the

Men’s Wearhouse 

and JoS. A. Bank, 

is considering filing 

for bankruptcy.

The company started 

re-opening its stores 

on May 7, and had 

634 stores open 

by June 5. 

But in the week 

ended June 5, 2020,

for stores open 

at least the entire 

week, average 

comparable sales 

at Men’s Wearhouse 

were down 65%, 

with Jos. A. Bank 

down 78%, and 

K&G down 40%.

Who seeds suits for 

working at home, or 

for cancelled weddings !

Children’s 

Palace

announced 

on June 11 

that it would close 

“300 additional 

store locations”

about one-third 

of its roughly

920 locations

in the US 

and Canada. 

Signet Jewelers 

said on June 9 

that it will close 

“at least” 

300 stores 

in North 

America

The company 

has about 

3,200 stores, 

with six brands: 

Kay Jewelers, 

Zales, Jared, 

H.Samuel, 

Ernest Jones, 

Peoples, and 

Piercing Pagoda.

Macy’s said 

on June 9, 2020, 

that net sales in its

second quarter 

plunged 45%.

Sales at stores that 

had been reopened 

were about half 

of what they’d been 

before the pandemic.