A wave of closures may be coming for US department stores. That’s according to analysts at UBS, who predicted this week that national chains could have to shutter some brick-and-mortar locations in 2023 – even those that survived the combined challenges of the retail apocalypse, which devastated the industry from 2017 to 2020, and the pandemic shutdowns. That’s because months of inflation and a looming recession are eating into sales at mid-tier retailers, analysts say.
“These trends are likely not good for department stores as both luxury companies, as well as off-price retailers, compete directly with department stores,” UBS analysts […]
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