More than 90 million square feet of retail space has been shuttered this year, and with the retailer Bon-Ton announcing this week it would close 200 of its stores, 2018 is on track to break last year's record for lost stores.
"This is just another example of one of those big box retailers who weren't nimble enough and really listening to the changing times," said Melissa Gonzalez, founder and CEO of Lionesque Group.
In the first four months of 2018, retail giants like Toys "R" Us, Sears, and Sam's Club have closed all or some of their locations. Moody's distressed-level watch list predicted that others, such as Guitar Center, J. Crew, and David's Bridal could be next.
There have already been more store closures in 2018 than there were in all of 2016. And as each brick-and-mortar shop shutters, it creates potential customers for online retailers like Amazon.
"They have data at their fingertips, they're really at the pulse of understanding what consumers want," said Gonzalez in an interview Friday on Cheddar. "They can serve up the items that you know we want, and present things online before we even know we want them, and they can target us in ways department stores aren't able to do."
For full interview, [click here](https://cheddar.com/videos/2018-the-year-of-retail-closures).
Cheddar News' Courtney Sturgeon reports live from the options trading floor to break down the busy earnings week ahead for big tech, and the launch of Cboe's 1-Day Volatility Index (VIX1D).
Haley Sacks, founder and CEO of Finance Is Cool, joined Cheddar News to provide tips on when hiring a financial planner is needed. "They will help you figure out exactly how to maximize your personal situation," she said. "They're going to think about your long-term plans, consider your goals and incorporate all of that into the structure that they create for you."
Scott Wren, senior global market strategist with Wells Fargo Investment Institute, joined Cheddar News to discuss Monday's market trading as earnings continue to trickle in and ahead of a Federal Reserve meeting next week.
The Walt Disney Co. will be laying off several thousand employees this week, a second round of cuts that’s part of a previously announced plan to eliminate 7,000 jobs this year.