Party City is closing 45 of its 870 stores in 2019, up from its usual 10 to 15 closures each year. Nordstrom was unable to go private in 2017 due to the retail apocalypse. But taken together, other factors have caused greater harm to traditional retail stores, an economist says. Then came the coronavirus Doy Estacio walks past a closed Sephora store on Colorado Boulevard in Pasadena on April 2. The pace of bankruptcies rivals 2010 in the wake of the Great Recession. Find out whether retail apocalypse is truly what’s going on today and what the facts are saying. Through the first six months of 2020, 18 retailers filed for Chapter 11 bankruptcy, with an additional 11 filing in July through mid-August. The year's closures include Zara, Macy's, and Men's Wearhouse. For brick-and-mortar retailers, 2020 has been more of the same “retail apocalypse,” just at a faster pace. If this eventuality occurs, retailers’ Christmas 2020 is shot, along with the first four-to-six months of the year. They stopped selling shoes and closed their retail stores, shifting to online only. Retail business models requiring huge amounts of real estate were a hit in back in the 20 th century, but they are obsolete in the modern digital economy. Retail thought it was facing the apocalypse. ... Feb 20, 2020 at 1:24PM Author Bio. 2020 is on track to set the record for the highest number of retail bankruptcies and store closings in a single year. The store-closing list of 2020 is vast thanks to COVID-19 and a reliance on online shopping. Forget the retail apocalypse, let’s talk Armaggedon. The twin challenges of the cost of real estate and diminishing personal wealth have put an end to that business model. Forbes.com - January 25, 2020: “Is the Retail Apocalypse Over?” “The “retail apocalypse” continues in spite of the good gain of 3.4% in overall retail sales, according to Mastercard, and online sales gains of 18.8% versus last year. 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