Large Bank Supervision Forum 2023

RETAIL – Store Closings not done Retail Store Closings & “Retail Apocalypse” – Déjà vu “allover again” (Yogi Berra)

2019 was the peak year for closings with 9,300 . Retail Store Closings off to Fast ‐ Start in 2023 with >1,500!

Bed Bath & Beyond to close 8 stores in Arizona. Here's the list (azcentral.com)

These 12 Retail Chains Are Closing Stores in 2023 (us105fm.com )

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Retail Apocalypse & Store Closings are NOT behind us! There is material functional and economic obsolescence in these store closings!

Retail Apocalypse and store closings are not behind us. We have had over 2000 store closings announced in just the first 6 weeks of 2023 - not the 9,000 store closings as in 2019, but we are only 6 weeks in. The common themes are: 1. ECommerce still impacting physical stores. 2. Even the Big and Healthy are closing, like Walmart, Walgreens, etc. 3. Small is the new Big - any store openings are 20k Square feet or less and not the 60k to 100k+ from the 1980s and 1990s. The spin that we will open as many new stores as we close is BBQ-Sauce because the square footage is so much less. There is material functional and economic obsolescence in these store closings. Retail, the consumer, and physical retail stores face challenges and value loss like the peak days of "Retail Apocalypse." About all that is working is grocery anchored retail, Adaptive Reuse of store closings, and airport retail - go visit Salt Lake, Phoenix, Love Field airports and their new Delta terminals for evidence of the strength of airport retail.

https://www.wsbtv.com/news/local/tuesday ‐ morning ‐ closing ‐ half ‐ its ‐ stores ‐ after ‐ bankruptcy ‐ including ‐ these ‐ 12 ‐ georgia/UUXFFTECGFGURHMQFPOC4ACVZQ/

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