Retail Stores Will Continue To Close In 2023

More US department stores will be facing closures in the new year. That’s according to analysts at UBS, who predicted this week that national chains could have to shutter some brick-and-mortar locations in 2023 – even those that survived the combined challenges of the retail apocalypse. That’s because months of inflation and a looming recession are eating into sales at mid-tier retailers, analysts say. According to Commerce Department data, November department store sales were down nearly 3% from last year, and UBS analysts predict department store sales will “remain under pressure” in the first half of 2023. To Read More Click Here.

Source: Business Insider