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Retail Is on the Rebound

National  + Weekender  | 

Last year, a record number of brick-and-mortar stores shut down, but this year, there is new hope for the retail sector as consumer spending is up, which could be partially attributed to tax cuts.

The pace of store closings has slowed, as the weakest companies have closed down. This year, 4,480 stores have been shuttered so far, compared to 5,700 at the same time last year. Stores that survive are incorporating the instant gratification of e-commerce to their retail locations. For example, Target offers curbside pick up for mobile orders.

Overall, the economy is gaining from these shifts, as retail hiring is up. Roughly 50,000 new retail jobs have been added monthly since February, and many stores are remodeling or expanding their physical locations due to the increasing revenues.

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