Coresight Research: US store closures this year pick up pace

NEW YORK — A key research firm says announced U.S. store closures this year are already exceeding the total for 2018.

Coresight Research, which tracks store openings and closing, says retailers have announced 5,994 store closures and 2,641 store openings as of early April. That compares to 5,864 closures and 3,239 openings for the full year 2018.

The number of closures indicates the struggles facing traditional retailers to respond to shoppers' increasing shift online.

In February, Payless ShoeSource announced it was closing all of its 2,100 U.S. stores, making it one of the biggest store liquidations.

Deborah Weinswig, founder and CEO of Coresight Research, says the low 2018 total was actually an anomaly and the industry would return to a faster rate of closures.

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