Store closings up 20 percent as consumers spend online

Store closings up 20 percent as consumers spend online

LAKE CHARLES, La. (KPLC) - When you’re looking to make any sort of retail purchase, do you go to the store, or just buy it online?

For the first time ever, there is now a second day of Amazon Prime Day. There are hundreds of great deals, and you can take advantage of them - without a Prime membership - until midnight tonight when the two-day event ends.

Prime Day and Cyber Monday are two of the biggest online shopping days of the year, but it’s not just these days - consumers are taking to the internet for shopping, and brick-and-mortar stores are suffering.

Through June of this year, store closings are up 20 percent in the U.S. and have already completely surpassed the total number of closures in 2018.

Some researchers expect more than 12,000 stores nationwide to close their doors before the end of the year, and over 75,000 in the next seven years.

A ton of those consumers are taking their business to Amazon, and other online retailers.

Walmart and Target have certainly noticed the trend, so both retailers decided to start their own online deal days to try to compete with Amazon’s sales.

Even though consumers are spending less money in brick-and-mortar stores, they certainly aren’t spending less money overall. The latest report by the Commerce Department shows retail sales rose 4 percent last month, marking the fourth straight month with an increase.

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