Over the course of 2020, more than 60 major retailers declared bankruptcy and more than 12,200 stores were announced for closure. These closures will account for an estimated 159 million square feet, surpassing the previous record set in 2018. Lockdown measures and social distancing shifted a lot of retail spending online and drove down retail foot traffic and consumer sentiment. Overall, retail sales recovered quite well from pandemic lows, but that cannot be said for all retailers. Some of the most prominent announcements of the year came from J.C. Penney, Macy’s, Gordmans, Stein Mart, Bed Bath & Beyond and Pier 1 Imports. Analysis using CoStar’s database suggests that malls will experience an outsize share of closures, while community and neighborhood centers should be relatively less affected by store closures.

TOTAL NO. OF ANNOUNCED CLOSURES: 12,200+

COMBINED SF IMPACTED: 159,000,000