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).
Lisa Whalen, Automotive and Mobility Analyst at Morning Consult, joined Cheddar News' Closing Bell to break down the famed auto show's emphasis on electric vehicles this year, reflecting a shift toward electrification in the automotive industry.
Wes Schroll, CEO and Founder of Fetch Rewards, joins Cheddar News' Closing Bell, where he explains how his company is helping save shoppers money and discusses how he plans to grow the company with $240 million in new funding.
On this episode of ChedHER, Amira Rasool, CEO and Founder of The Folklore, discusses her $1.7 million pre-seed funding round and why she's being intentional about the investors she's working with; Brittany Merrill-Yeng, co-founder Skrewball Whiskey, reveals the origins of Skrewball Whisky, experiencing a period of rapid growth, and navigating a male-dominated industry; Suz Hernandez, Owner of MamaP, breaks down how her company is combining eco-friendly and sustainable products with a mission to donate to non-profits that help people and the planet.
On this episode of ChedHER: CEO of The Lactation Network breaks down how they are expanding access to lactation support for families nationwide; CEO of Vanta explains the importance of a security team for startups; Midwest Divison Area Manager at JPMorgan Chase discusses the perks of having a business mentor.
The global oil benchmark has crossed the $100 per barrel mark for the first time since 2014. Oil prices have surged nearly 10 percent since Russia's invasion of Ukraine. Russia is the number two oil producer in the world, and it comes at a time when global oil supplies have already been constrained over the course of the past year. Rob Thummel, portfolio manager at Tortoise, joined Cheddar Movers to discuss.
Russia's economy is falling on hard times as businesses throughout the world continue to shut out the country after its invasion of Ukraine. Cheddar News was joined by Christine McDaniel, Senior Research Fellow at the Mercatus Center, to learn more about the situation.
