Inflation and economic uncertainty contributed to store count growth in retail’s discount sector.
Those trends “will likely continue to expand in 2023, given [the] current forecast of further economic slowdown, including a possible recession,” the report, which was authored by Coresight Research CEO and founder Deborah Weinswig, data analyst Aaron Mark Dsouza and analyst Daniel Rodden.
Store closures declined by just over 50% in 2022 compared to 2021. In contrast with 2019 and 2020, when numerous retailers filed for bankruptcy due to the pandemic, the number of retail-related bankruptcies declined in 2021. This trend helped bring closures closer to pre-pandemic levels.
