Over half of US retail space closed

The retail closures that have swept across America due to the coronavirus pandemic are unprecedented. Industry data reveals nearly 4.8 billion square feet of retail space has closed in the U.S., or 54.8% of the total. This amounts to over a quarter of a million stores, not even including food service or service operators, like gyms or spas. According to Bloomberg, the retail industry has stopped issuing paychecks to well over one million U.S. employees. While clothing stores and restaurants have seen the worst impact, needs-based retailers are still ramping up staffing.