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).
The U.S. Federal Reserve is working with other central banks around the world to ensure dollars are available to stop any liquidity issues related to the ongoing crisis in the banking sector.
Blue check marks are coming to Instagram and Facebook. Meta CEO Mark Zuckerberg on Friday announced the expansion of a premium subscription service for $11.99 per month on the web and $14.99 on mobile. The service launched in Australia and New Zealand last month.
New York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday.
Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank’s customers.
Companies continue to announce fresh rounds of layoffs and hiring freezes so far this year. Teresa Lusk, life coach, joined Cheddar News to discuss what you can do to protect your job.
Michele Schneider, partner and director of trading research & education for MarketGauge.com, joined Cheddar News to discuss the market after stocks closed lower again as banking concerns continue.
