Macy’s and Nordstrom closing stores will not solve all problems – two spillover effects mean more trouble, expert warns

(Source: The Sun US)

A RETAIL expert has warned that simply closing stores does not automatically solve the problems major chains face.

Venkatesh Shankar told The U.S. Sun that there are spillover effects that could hurt brands.

Thousands of stores in the US have closed in the past decade and more than 2,000 outlets could shutter in 2023 alone.

Analysts at the investment bank UBS have forecasted that 50,000 stores may close by the end of 2027, per CBS.

Experts chillingly warned that 90,000 could close if there is a “prolonged recession.”

Major chains such as Macy’s have amended their business model in line with the shift to e-commerce and changing consumer trends.

Related: CLOSING TIMES – Full list of shops and chains closing down including M&S and Wetherspoons – is your high street favourite gone for good