Report: despite high profile closures, more retail stores are opening

 

Report: despite high profile closures, more retail stores are opening

New retail stores on the rise
 
By Josh Scheinblum       

CEDAR RAPIDS, Iowa (KCRG) -- The number of new retail stores opening up is on the rise according to a new report released by the National Retail Federation who says their industry is only getting stronger.

Photo: Kwik Star store in Cedar Rapids on August 20, 2019.

The report comes in the wake of recent news that some retailers, like Sears, K-Mart, Walgreens, and GNC, are planning to close many stores nationwide.

The report says for every retail company closing stores, five are actually opening them.

In Iowa, one retail business that is quickly expanding is the convenience chain Kwik Star. Records provided by the company to the I9 investigative team show in 2015 there were 50 stores in Iowa alone. Today, there are 75, along with plans to open up 15 new locations.

"It's just amazing the growth and the opportunity that we have with our company," said Kwik Star store leader, Kathy Laumer.

Convenience store businesses are expanding throughout the industry, with 97% of them opening new stores.

Not all retailers are seeing the same amount of growth. The report notes 24% of specialty clothing and linen stores are closing some of their doors. The same goes for Drug and Department stores at 19%, and mass merchandisers at 13%.

In all, 16 retailers the report says they are responsible for 73% of retail store closings so far this year.

Laumer thinks retail companies like Kwik Star will be expanding for years to come.

"This is the trend, they're going into new areas," said Laumer.

Back to school spending may also provide a boost to retailers as the National Retail Federation is expecting more than $80 billion to be spent in all. 

Source: https://www.kcrg.com