As pandemic stretches on, retail bankruptcies approach highest number in a decade

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Our lead story today is a tale of a balancing act of retailers in this economy trying to overcome simply terrible I three quarters of the year. By finishing strong, you'll hear elsewhere in the program today of indicators were watching to educate our guesses about where things are going but a report from the accounting consulting firm. Bdo chose twenty-nine big retailers filed for bankruptcy protection in this economy through August and that if things continue at that pace, we will match two thousand, ten the dark days after the great recession. So for all the retailers still getting by the last three months of the coming year, that is this year are going to be even more critical than usual as they go looking for some hope in the holidays marketplace's Justin Ho starts us off. The report found that bankrupt retailers have closed almost six thousand stores. This year retailers that have seen the most bankruptcies sell apparel shoes products. We just haven't been buying much during the pandemic stores in malls have been especially hard hit. You've got eight or nine hundred stores spread across malls. In the United States, you probably need about half the stores Brian Yarbrough is an analyst with Edward Jones. He says the big box retailers are spending more to attract consumers who just aren't going to the mall and WanNa shop online you're seeing the walmarts and the targets of the. World Invest. Billions of dollars a year in technology these small companies can't keep up but many retailers rely on their physical locations and are struggling to stay competitive and attract shoppers during a critical holiday season David. Berliner at BDO says, that could include services like contact list checkout or in store pickup for online orders whenever they can do to make consumers feel safe going into these brick and mortar stores Berliner says what retailers need to figure out is what makes sense for physical store to be profitable to make sure that Rick and mortar stores are in the right place? The right size for you know I think stores could be smaller than. Alvin. Designed years ago Berliner says the pandemic has just accelerated a trend of store closures throughout the US that's because he says the country has been over stored for

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