WARREN (WWJ) - Liquidation sales have started at Art Van locations across the Midwest as the well-know furniture company decides to shut its doors after more than 60 years.
As more people write off brick-and-mortar stores in favor of online shopping, more companies will follow Art Van in turning off the lights.
Retail analysts at the financial firm UBS think America is "over-stored" by 75,000 locations. In other words, that's the number of stores that are expected to close over the next six years.
It may seem like a large amount, but 75,000 stores account for only seven percent of the 1,044,754 retail establishments currently in the U.S.
UBS expects a majority of those closings will be clothing stores, followed by electronics stores, home furnishings stores, home improvement stores and grocery stores.
Last year, we lost more than 9,000 stores and more than 2,200 closings have already been announced this year.
The stock market tells a vivid story, as well. Shares of Macy's lost half of their value in the past 12 months, and Target lost nearly 20 percent in just the first two months of this year. Meanwhile, Amazon has gained, with its stock hitting a new high earlier this month.