A mass exodus of retail stores across America is on the horizon as more than 800 big box locations set to close shop for good.
Big names set to close or downsize included Bed Bath & Beyond, Walmart, Gap and Party City.
Soaring inflation means people are struggling to make ends meet and do not have the same disposable income they did a few years ago.
Combine that with rising interest rates, rampant crime, and you have a perfect storm.
There are at least 803 stores set to close over the rest of 2023, with many desperate trying to cut costs.
But it’s not just retail struggling. Silicon Valley is also braced for the economic downturn, with 70,000 jobs already lost in recent months, as we reported in January.
Among the retail brands set to close down their stores is houseware giant Bed Bath & Beyond.
The retailer boasted 1,500 stores across America, but now the once booming houseware store will end the year with just 480 stores.
The company has suffered massive losses, including the death of its CEO and an activist investor selling a huge stake in the company.
California will bare the brunt as the worst-hit state, which will see the closure of 35 stores, while Florida will lose 21, New York will lose 23, and Illinois will lose 18.
As The Daily Mail reported:
Second on the list of stores looking to close up shop is Tuesday Morning, which is shutting down more than half its locations in a desperate move to survive bankruptcy.
The home goods company is closing 265 stores as it struggles to survive, which will be its second wave of store closures in three years.
Its massive reorganization comes as the chain filed for Chapter 11 bankruptcy this month, meaning it is now forced to close its least profitable stores.
These have primarily fallen in California, which will see 30 stores closed, Florida, which will lose 23, and Texas, which will lose 19.
Other states with large closures include Virginia with 10, Georgia with 12, and Colorado with 14.
Up to 74 Gap stores are also set to be closed in 2023, coming after the parent company closed four of its Banana Republic stores this year already.
The massive closures come after the firm announced two years ago that it would close roughly 350 stores by the end of 2023.
Party City is also expected to downsize, with 12 locations up for auction across the U.S.
The store is another big brand facing bankruptcy, with ten stores closing throughout February.
New York and Michigan will lose the most Party City locations.
Walmart is the biggest name looking to cut down its high-street presence this year.
The hugely popular store is shuttering five big box stores, leaving two as pickup-only locations.
Walmart’s closures come amid a slew of closures nationwide every year. This year’s hits include Illinois, Wisconsin, New Mexico, Florida, and Arkansas.
It has also been reported that shopping mall staple Macy’s will close four stores in the first quarter of 2023 in California, Colorado, Hawaii and Maryland.
Meanwhile, the RealReal will shutter four stores and two consignment offices as it looks to cut $2 million in costs.