"It's going to be a year of transition and a year of reckoning and a year of awakening for retailers," said Marshal Cohen, chief industry analysis for the NPD Group. NPD Group conducts market research on consumer trends.
More shoppers are eschewing retail outlets for the convenience of online shopping, made sweeter with deals from the likes of Amazon, which offers free shipping if you are an Amazon Prime member.
Amazon has seen the benefits of such features. In the fourth quarter of 2016, the company saw a 22 percent increase in revenue over the fourth quarter of 2015.
U.S. shoppers spent a record high $91.7 billion online during the 2016 holiday season.
While e-commerce is seen as quick and generally easy, a study conducted in 2013 by WD Partners showed that nearly 80 percent of respondents said instant gratification was what got them out of their homes and into the malls.
Here’s a list of 15 retailers that have announced store closings for 2017.
- American Apparel – all 110 stores closed
- CVS – closing 70 stores
- Chico – closing 120 stores
- Crocs – closing 160 stores
- Family Christian – closing all of its 240 stores
- JCPenney – closing 138 stores
- Kmart – closing 108 stores
- Macy's – closing 63 stores
- Office Depot – closing 100 stores
- Payless Shoes – closing 400-500 stores
- Radio Shack – closing 552 stores
- Sears – closing 42 stores
- The Limited – closed 250 stores in January
- The Children's Place – closing as many as 200 stores
- H.H. Gregg – closing 88 stores
Several restaurant chains have also announced they will be closing locations in 2017 as well.
Forty "underperforming" Carrabba's, Outback, Bonefish Grill and Flemings restaurants will be closing by the end of the year, according to the company that owns them.
In 2016, chains Bob Evans, Logan’s Roadhouse, Old Country Buffet and Ruby Tuesday all announced restaurant closings.