Retail store closings highest since 2010 – hemorrhaging has just begun

shopping mall

The financial malady that has been creating havoc for traditional shopping malls is now contaminating the general retail environment, says Chuck Tatelbaum, Director of the Tripp Scott law firm and chair of the bankruptcy and creditors’ rights department.

Famous named retailers are closing brick and mortar store locations at the highest level since 2010. Names such as the Japanese retailer Uniglo, designer specialist Ralph Lauren and others join Sports Authority, Aeropostal and others in a multitude of retail store closings. The shuttering of these locations will have a domino effect on the retailers themselves, suppliers to the retailers, laid-off employees, other retailers depending on the traffic from the closed stores, landlords as well as local taxing authorities, says Tatelbaum

The rapid rise in retail store closings create substantial uncertainty for suppliers and lenders to the retail environment, which will have a significant impact on a substantial portion of the consumer economy, says Tatelbaum.

As traditional clothing stores falter, Amazon is rising. The online behemoth has expanded its fashion assortment, trained shoppers to expect next- or same-day delivery, and is now poised to become America’s largest apparel retailer, reports the NY Post.