The twin challenges of the cost of real estate and diminishing personal wealth have put an end to that business model. Retail business models requiring huge amounts of real estate were a hit in back in the 20 th century, but they are obsolete in the modern digital economy. Party City is closing 45 of its 870 stores in 2019, up from its usual 10 to 15 closures each year. For brick-and-mortar retailers, 2020 has been more of the same “retail apocalypse,” just at a faster pace. Find out whether retail apocalypse is truly what’s going on today and what the facts are saying. If there was a retailing equivalent of a swear jar (put in a dollar for every curse word) then it should be used for the phrase “retail apocalypse.” (Dang, there goes a George Forbes.com - January 25, 2020: “Is the Retail Apocalypse Over?” “The “retail apocalypse” continues in spite of the good gain of 3.4% in overall retail sales, according to Mastercard, and online sales gains of 18.8% versus last year. They stopped selling shoes and closed their retail stores, shifting to online only. On May 4, 2020, Nordstrom announced that it would shutter sixteen locations. But taken together, other factors have caused greater harm to traditional retail stores, an economist says. ... Feb 20, 2020 at 1:24PM Author Bio. Through the first six months of 2020, 18 retailers filed for Chapter 11 bankruptcy, with an additional 11 filing in July through mid-August. The store-closing list of 2020 is vast thanks to COVID-19 and a reliance on online shopping. Over the past decade we’ve seen stores were once mainstays in Pennsylvania -- … Retail thought it was facing the apocalypse. 2020 is on track to set the record for the highest number of retail bankruptcies and store closings in a single year. Forget the retail apocalypse, let’s talk Armaggedon. The year's closures include Zara, Macy's, and Men's Wearhouse. 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