The Economy Is Okay? U.S. Retail Store Closings Hit A New Record High As West Coast Homelessness Soars

Tuesday, November 7, 2017
By Paul Martin

By Michael Snyder
TheEconomicCollapseBlog.com
November 6th, 2017

If the U.S. economy is doing just fine, why have we already shattered the all-time record for retail store closings in a single year? Whenever I write about our “retail apocalypse”, many try to counter my arguments by pointing out the growing dominance of Amazon. And I certainly can’t deny that online shopping is on the rise, but it still accounts for less than 10 percent of total U.S. retail sales. No, something bigger is happening in our economy, and it isn’t receiving nearly enough attention from the mainstream media.

Back in 2008, a plummeting economy absolutely devastated retailers and it resulted in an all-time record of 6,163 retail stores being closed that year.

So far in 2017, over 6,700 stores have been shut down and we still have nearly two months to go! The following comes from CNN…

More store closings have been announced in 2017 than any other year on record.

Since January 1, retailers have announced plans to shutter more than 6,700 stores in the U.S., according to Fung Global Retail & Technology, a retail think tank.

That beats the previous all-time high of 6,163 store closings, which hit in 2008 amid the financial meltdown, according to Credit Suisse (CS).

Just within the last week, we have learned that Sears is closing down another 60 stores, and Walgreens announced that it intends to close approximately 600 locations.

Overall, about 300 retailers have declared bankruptcy so far in 2017, and we are on pace to lose over 147 million square feet of retail space by the end of the year.

Oh, but it is all Amazon’s fault, right?

Meanwhile, mainstream news outlets are reporting that homelessness is “exploding” out on the west coast.

For instance, we are being told that there are “400 unauthorized tent camps” in the city of Seattle alone…

Housing prices are soaring here thanks to the tech industry, but the boom comes with a consequence: A surge in homelessness marked by 400 unauthorized tent camps in parks, under bridges, on freeway medians and along busy sidewalks. The liberal city is trying to figure out what to do.

But I thought that the Seattle economy was doing so well.

I guess not.

Down in San Diego, they are actually scrubbing the sidewalks with bleach because the growing homeless population is spreading hepatitis A everywhere…

San Diego now scrubs its sidewalks with bleach to counter a deadly hepatitis A outbreak. In Anaheim, 400 people sleep along a bike path in the shadow of Angel Stadium. Organizers in Portland lit incense at an outdoor food festival to cover up the stench of urine in a parking lot where vendors set up shop.

Over the past two years, “at least 10 cities or municipal regions in California, Oregon and Washington” have declared a state of emergency because homelessness has gotten so far out of control.

Does that sound like a healthy economy to you?

The Rest…HERE

2 Responses to “The Economy Is Okay? U.S. Retail Store Closings Hit A New Record High As West Coast Homelessness Soars”

  1. So why is president Trump constantly telling how well the economy is doing?

    #3436517
  2. Genn

    Retail stores are closing because nobody waits on customers, and if they do, they insult you, scream at you because you don’t speak their language, and they rip off your credit card numbers at the cash register.

    Mumbling, stinking third worlders can’t stand waiting on white privilege-soaked Americans, and they let you know!

    Restaurant recession too, is affected by the third world cheap labor; nowadays one judges a decent eatery if one doesn’t get sick after dining.

    My husband died two weeks ago, he and I loved to eat out for lunch in restaurants on Saturdays. He’s gone, and I doubt if I’ll every venture out again to get sick on purpose.

    Voting at a precinct? I vote absentee from now on, I was assaulted last year in Virginia voting for Trump. Somebody asked me and I said yeah, I’m a Trump girl, and man, did the blank hit the fan with the browns standing in line with me. I was cussed out in ten languages.

    Another whitey told me later don’t tell browns anything that might challenge their burrito minds.

    So this is America now?

    #3436548

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