New York (CNN Business) As many as 25,000 retail stores in the United States are expected to permanently close this year as consumer demand for discretionary items stalls and more people shift to online shopping, according to a firm that tracks the industry. So far in 2020, more than 4,000 stores have said they will permanently close, according to a report released Tuesday by Coresight Research, a retail research and advisory firm. It anticipates closures will snowball and set a new annual record this year, breaking last year's record 9,302 closures tracked by the firm. "Apparel retail and department stores look set to feature prominently in total store closures," Coresight said in its report. A range of forces that were present before the pandemic are driving up closures, including unsustainable debt levels and the continued shift to online shopping.

Source: CNN June 09, 2020 16:30 UTC