On December 19, 2023, at 1:34 P.M., the retail landscape experienced a notable shift after a two-year period of relative calm on the bankruptcy front. In 2023, the industry was stirred by significant bankruptcies, with Rite Aid, Party City, Bed Bath and Beyond, Tuesday Morning, and David’s Bridal among the retailers filing for bankruptcy. This resurgence briefly revived discussions of a potential retail apocalypse, evoking memories of past market upheavals.
However, it’s crucial to note that this isn’t a replay of 2018. Despite these bankruptcy filings, the year maintained a consistent demand for retail space, resulting in relatively low levels of closures compared to the latter part of the previous decade. Moreover, numerous retailers across various sectors actively expanded, marking the third consecutive year where store openings outnumbered closure announcements.
According to The Daily on Retail, research firm, retailers declared 5,865 store openings in 2023 versus 4,070 closings. It’s important to consider that The Daily on Retail’s approach involves specific announced figures for openings and closures, which might extend over multiple years and might not represent immediate closures or completions.
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