First time in 5 years: More stores open than close
Retailers will open more stores this year than they close — for the first time since 2017, The Wall Street Journal reports from an analysis of 900+ chains by research company IHL Group.
Why it matters: "Stores have become integral in fulfilling e-commerce orders. They serve as distribution hubs and convenient places for shoppers to pick up and return online purchases," The Journal writes.
- Mass merchants, food, drug and convenience chains are driving most of the growth, WSJ notes.
- While department stores and speciality retailers continue to close more stores than they open, the pace of the closures is slowing, The Journal adds.
What's happening: "As the cost of acquiring customers online has skyrocketed, stores ... are a less expensive way to attract new shoppers," The Journal writes.