Retailers closed a record-breaking 102 million square feet of store space in 2017, then smashed that record in 2018 by closing another 155 million square feet of space, according to estimates by the commercial real estate firm CoStar Group.
"This year we are predicting more of the same in the retail space," said Drew Myers, a CoStar senior consultant.
Retailers have announced more than 1,500 store closures so far this year, according to an analysis by Business Insider. This list is expected to grow in the coming months.
Gymboree, Shopko , Performance Bicycle, and Charlotte Russe are responsible for the bulk of the expected closures announced to date. All four companies have filed for bankruptcy and announced full or partial liquidations.
Department stores will drive most of the closures
Most of the closures this year will continue to be concentrated in big-box and department stores, Myers said.
"Certainly departments stores and apparel brands are a little more stressed today than in years past, so that is the big driver," he said.
Last year, just three companies Toys R Us, Bon-Ton Stores, and Sears were responsible for 75% of the retail closings in the US. Toys R Us and Bon-Ton liquidated after filing for bankruptcy, according to CoStar.
Even healthy retailers are closing stores, however, in an effort to improve profitability against the backdrop of an overly saturated retail market.
There's roughly 52 square feet of retail space per person in the US, compared to 19 square feet of retail space in the UK, according to CoStar.
This market oversaturation suggests the US is still in the "early innings" of mass store closures, according to a report last October by the advisory firm Cowen and Company.
Find the specific locations of closing stores below:
SEE ALSO: Ex-Walmart exec says theft helped kill Walmart's cashierless checkout technology