Dwindling numbers of in-person shoppers, fears of a recession and spiraling rates of shoplifting are to blame for thousands of US stores shutting this year.
Twenty major retailers axed 2,847 locations between them in 2023, according to Business Insider - as more and more shoppers buy their products online
The issue has been exacerbated by rampant spates of crime which have forced many companies to lock up their products. Earlier this year, Target alone said it was losing as much as $500 million a year to theft.
It is little wonder then that retailers are struggling to cope. Bed Bath & Beyond, Rite Aid and Party City are among the major chains to have filed for bankruptcy in the last 12 months.