Record number of retail stores have not made it to Black Friday here in 2017

One of the more interesting byproducts of the Housing Bubble that took place during the first decade of this century was the inordinate number of businesses that sprung up in and around new communities.  And while using the tenor of continual growth as the catalyst to keep pushing up their stock prices between 2002 and 2008, many of these corporations would end up shuttering store locations when the foreclosure monster hit, and the economy plunged into the Great Recession.

Krispy Kreme broke ground Monday on a store in Homewood, the first of eight planned doughnut shops coming to the area in the next few years.

The store, at 17815 S. Halsted St., is expected to open in November with the brand’s signature hot glazed doughnuts. All but one of the brand’s area stores closed during the Great Recession. There’s a single corporate-run location in Elk Grove Village, which mostly serves retail clients like Wal-Mart. – Chicago Tribune

Krispy Kreme was not the only franchise to lose a major portion of their business locations as a record 6100 retail stores would close in 2008.

 

Fast forward to 2017…

It is perhaps ironic that nine years later the record achieved in 2008 would be shattered despite the fact that stock market values are almost double what they were leading into the Financial Crisis, and housing prices are greater now than at the height of the Housing Bubble.  But that is indeed the case as in the first 10 months of 2017 there have been more closures of retail stores than at the start of the Great Recession and subsequent Fed bailout, with most not even able to last until the Black Friday shopping season to try to stave off insolvency for just one more 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. – Economic Collapse Blog

Sadly, this trend is only expected to continue as the U.S. has not ever truly recovered from its biggest recession since the Great Depression, and nearly 80% of U.S. households are barely surviving paycheck to paycheck.  And what this bodes for retail during their most important time of the year is still up in the air, but if all factors cited are accurate, then this year’s Christmas shopping season will being about more red than black, and the number of store closures could easily hit the 7000 mark.

Kenneth Schortgen Jr is a writer for The Daily EconomistSecretsofthefed.comRoguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.

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Democrats everywhere are wildly slinging the “I” word, hoping to nail Trump for high crimes and misdemeanors after the New York Times claimed a memo written by former FBI Director James Comey said the president urged him to end the federal investigation into former national security adviser Michael Flynn. Some members of Congress are getting in on the action. They include Reps. Maxine Water, D-Calif., and Al Green, D-Texas. Even a Republican, Rep. Justin Amash, claimed Wednesday there are grounds to impeach President Trump. House Oversign Committee Chair Rep. Jason Chaffetz, R-Utah, asked for the alleged Comey memo and other documents. Chaffetz tweeted that he is prepared to subpoena the information. And Sen. John McCain, R-Ariz., invoked “Watergate.” Now the Democratic Party is reportedly poll testing impeachment as a 2018 election issue. More than 1 million people signed a petition calling on Congress to impeach Trump. Wasting no time Wednesday, the mainstream media sprang into action, enthusiastically echoing the left’s impeachment calls. MSNBC launched a Watergate ad implying Trump is America’s new Richard Nixon. “Watergate. We know its name because there were reporters who never stopped asking questions,” says MSNBC host Chris Hayes, who hinted that Trump is next on the impeachment chopping block. “Now, who knows where the questions will take us. But I know this: I’m not going to stop asking them.” Meanwhile, some overzealous members of the left plastered fliers around Washington, D.C., demanding all White House staffers resign Wednesday. The posters read: “If you work for this White House you are complicit in hate-mongering, lies, corrupt taking of Americans’ tax money via self-dealing and emoluments, and quite possibly federal crimes and treason. Also, any wars will be on your soul. … Resign now.” But constitutional scholar Jonathan Turley, who voted for President Obama, warned “impeachment” enthusiasts not to get ahead of themselves with President Trump. Why? At this time, there’s no evidence Trump actually committed a crime. “The criminal code demands more than what Comey reportedly describes in his memo,” Turley wrote in a May 17 opinion piece posted at the Hill. Turley explained: For the first time, the Comey memo pushes the litany of controversies surrounding Trump into the scope of the United States criminal code. However, if this is food for obstruction of justice, it is still an awfully thin soup. Some commentators seem to be alleging criminal conduct in office or calling for impeachment before Trump completed the words of his inaugural oath of office. Not surprising, within minutes of the New York Times report, the response was a chorus of breathless “gotcha” announcements. 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