The Economic Perspective: “Store Closings and Openings”

Mary:    I’m Mary Walden with economist MW welcoming you to the economic perspective.  Today’s program looks at store closings and openings.  Mike, despite efforts by the federal government to keep businesses open, many have thrown in the towel.  Do we have any information on how many and what kinds of businesses have closed?

 

Mike: Summary Answer

  • In January, prior to the virus, twice as many businesses opened as were closed nationwide
  • Since then, more than twice as many businesses have closed than have opened
  • Losses have been across the board, including clothing, restaurants, furniture stores, personal service outlets
  • There is one bright spot – discount stores have expanded, with only a few closing
  • Reason – many consumers, who have lost income, have become more frugal
  • I’m MW

 

Mary: And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.