US sees peak store closures since 2017

Retail giant Sears is the latest group to announce closures, with an estimated 100 stores to be shuttered across the US. The news comes as Credit Suisse estimates "the industry is actually on pace for another year of closure square footage at historic peak levels (in line with 2017 levels)."

The statement echoes the bank's research from 2017 when it predicted the closures of 275 shopping centers over the next five years. Since then brands and retailers including Michael Kors, J.C. Penney, Macy's, Abercrombie and Fitch, all announced store closures or significant reductions in their retail portfolios.

Credit Suisse further predicted physical stores to face new pressures from e-commerce, with online sales continuing to grow to 35 percent of clothing sales by 2030 from 17 percent in 2017.

Photo credit: Sears, source: Wikimedia Commons, image attribution Paramus Park Mall By Luigi