And so, unlike other sectors of the US economy which have - for now - avoided to be swept by the "biblical" default wave that is sweeping across the US corporate sector, amid temporary store closures as part of shelter-in-place measures, Goldman calculates that the announcement (and completion) of permanent store closures YTD (~7,430) has already reached more than half of 2019 figures (~12,370) due to slowing/declining sales growth, leveraged balance sheets, and rising occupancy costs.

It's only going to get worse: according to Coresight Research, around 20,000-25,000 stores could permanently close in 2020 on COVID-19 headwinds in the US, implying an accelerated store closure schedule in the second half of the year. Further, it expects to see an increase in bankruptcy filings owing to reorganizations or difficulties with financing activities amid the current pandemic.