The retail industry has been under pressure for years and COVID-19 has only accelerated these changes. As a result, retail will emerge from the pandemic with a completely different landscape.
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The pandemic has forced retailers to take a hard look at their store networks, resulting in an unprecedented number of store closures. According to Business Insider, 6,300 stores closed or will close this year, including many iconic retail brands such as Nordstrom, Victoria’s Secret, Men’s Wearhouse, Lord & Taylor, and JCPenney.