Retail apocalypse

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The retail apocalypse (also known as retailpocalypse) is the closing of numerous Northern American brick and mortar retail stores, especially those of large chains, starting in the 2010s. The 2020s saw more store closures as a result of COVID-19 lockdowns with customers using online shopping as an alternative way to shop. In 2017 alone, more than 12,000 physical stores closed. The reasons included debt and bankruptcy in the face of rising costs, leveraged buyouts, low quarterly profits outside holiday binge spending, delayed effects of the Great Recession, and changes in spending habits. American consumers have shifted their purchasing habits due to various factors, including experience spending versus material goods and homes, casual fashion in relaxed dress codes, as well as the rise of e-commerce and particularly juggernaut companies such as Amazon.com, Target, and Walmart. A 2017 Business Insider report dubbed this phenomenon the "Amazon effect" and calculated that Amazon.com was generating...

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