Photograph: The Guardian. Liam McBurney/PA
KARACHI: Retailers around the world have announced that they are permanently closing down stores around the world. According to Business Insider, at least 4,300 stores are slated for closure in 2020.
One well-known brand shutting down stores is Zara. The Guardian reports that the owner of Zara will close as many as 1,200 stores around the world. The brand will be focusing on boosting online sales amid the Covid-19 pandemic.
The stores shutting down are mostly concentrated in Asia and Europe.
Starbucks is also shutting down its stores and focusing on a more pick-up only model. The company said it plans to close up to 400 stores in the US and Canada over the next 18 months.
Other brands shutting their shops include Victoria’s Secret (238 stores), Gap (230 stores), Forever 21 (350 stores), Bose (119 stores) and Guess (100 stores).
