by Michael Snyder, The Economic Collapse Blog:
Retail stores are being shut down at a staggering rate all over the country. If we stay on the pace that we are on, the total number of stores closed in 2024 will be nearly 40 percent higher than the total number of stores closed in 2023. That is what you call a crisis! Meanwhile, banks are shuttering hundreds of branches from coast to coast, and a “restaurant apocalypse” is sweeping across the nation. Everywhere around us, “space available” signs are going up on buildings that were once considered to be prime commercial real estate. If someone tries to convince you that the U.S. economy is in good shape, just show them this article and ask them why so many once prosperous businesses are closing. Needless to say, they will not be able to win the argument after that.
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According to the Daily Mail, nearly 2,600 store closings were announced during the first four months of 2024…
US retailers have announced the closure of almost 2,600 stores in 2024 – just four months into the year.
Big names including Macy’s, Walmart, Walgreens, Foot Locker and 7-Eleven have all said they are closing shops.
But discount stores like Family Dollar and bankrupt 99 Cents Only have been worst hit, as have drugstores like CVS and Rite Aid.
If the U.S. economy is heading in the right direction, why are many of the largest retail chains in the U.S. shutting down stores?
That wouldn’t make any sense at all.
If this pace remains constant throughout the rest of this year, we would hit a grand total of approximately 7,800 store closing announcements by the end of 2024…
If the closures were to continue at the same rate for the rest of the year they would total 7,800 in 2024 – almost 40 percent more than the total in 2023.
When the number of retail stores shutting down goes up by 40 percent in a single year, that is a sign that your economy is really “booming”, eh?
Sadly, we are losing more stores with each passing day.
On Thursday, we learned that a major convenience store chain in Wisconsin has decided to close down all of their locations…
Wisconsin convenience store and gas station chain The Store is being forced to close all of its 25 locations.
The Store, established in 1976, will shutter its businesses at the end of July. It also has locations in Michigan.
In some cases, stores are being closed down due to rapidly slowing economic conditions.
But in other cases, stores are being permanently shuttered due to the unprecedented wave of retail theft that never seems to end.
Earlier this week, I was intrigued by an article that was cleverly titled “Lego thefts across Southern California leave police trying to piece together clues”…
Believe it or not, the Lego sets and figurines collecting dust in your childhood bedroom could fetch a pretty penny.
So pretty, in fact, that two suspects have allegedly stolen more than $100,000 in Lego merchandise from six Bricks & Minifigs stores across Southern California.
The Lego reseller, which stocks mini figures, accessories and bricks, has more than 100 outlets across the U.S.
The Riverside store was the first one burglarized, with the suspects hitting it April 3, followed by Ontario on April 12, Whittier on May 3, Irvine on May 9 and the Costa Mesa and Fullerton locations on June 1, Whittier store owner Katie Leuschner said.
“Shrink” is costing U.S. retailers more than 100 billion dollars a year at this point.
In this sort of an environment, it is difficult for any retailers to be profitable, and that is especially true in our major cities.
Meanwhile, our banks are shutting down branches at a feverish rate.
So far this year, more than 400 locations have been permanently closed…
US banks closed 79 branches in just six weeks – as the industry increasingly offers services online.
The figures suggest the axing of costly bricks-and-mortar locations will continue, with total closures so far for 2024 above 400.
California is worst affected by the recent closures with 20 registered shutterings between April 20 and June 1.
When banks get into trouble, they get really tight with their money, they fire workers, and they close branches.
So expect to see a lot more branches get shuttered during the months ahead.
We are also in the midst of a “restaurant apocalypse”, and that is very bad news if you like to eat out a lot.
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