PITTSBURGH — The Staples store at the Waterworks Shopping Center.
Three Party City stores in Bridgeville, Cranberry and Monroeville.
And select locations for Big Lots, rue21, Rite Aid and others.
They all represent an ongoing wave of store closures in the Pittsburgh area in the new year and recent months in what’s expected to be a second big year in a row in which closures outpace new store openings in the shopping center industry throughout the country.
New research by Coresight Research projects there will be nearly 15,000 store closings in the United States in 2025, in contrast to 5,800 new store openings, suggesting a net closing of more than 9,000 stores. According to the research firm, the expected closings to come in 2025, of which there’s already been nearly 2,000 already, comes after spike of 7,325 closures last year, the most since the pandemic-marred year of 2020. The research put the new store openings last year at 5,970, which Coresight indicated was “the highest number of store openings since 2012″ and represented a net loss of 1,355 stores for the year.
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The recent increase in store closings in the Pittsburgh area is expected to create more opportunity than vacant space, according to a report by WPXI. With several major retailers shutting their doors, there is now a high demand for new businesses to fill these empty spaces.
This trend presents a unique opportunity for entrepreneurs and small businesses looking to expand or establish a presence in the Pittsburgh market. The decrease in competition from larger retailers could make it easier for smaller businesses to attract customers and grow their customer base.
Additionally, the influx of new businesses into these vacant spaces could bring new life and energy to the local economy. As more stores open up, residents will have more options for shopping, dining, and entertainment, which could lead to increased foot traffic and overall economic growth in the area.
Overall, the increase in store closings in the Pittsburgh area may seem like a negative development, but it could actually be a blessing in disguise for those looking to launch a new business or expand their existing one. As the saying goes, when one door closes, another one opens – and in this case, it could lead to exciting new opportunities for entrepreneurs in the Pittsburgh area.
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- Retail closures in Pittsburgh
- Opportunities in Pittsburgh retail market
- Pittsburgh vacant space
- Pittsburgh business opportunities
- Pittsburgh commercial real estate trends
- Pittsburgh retail industry
- Pittsburgh economic development
- Pittsburgh small business growth
- Pittsburgh retail space availability
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