Credit Suisse said on Monday that there could be more than 37,000 layoffs in the retail industry in 2016.
There have already been more than 24,000 retail-sector job cubs in 2016 and analysts say we are on track to have the most retail industry layoffs since 2010.
As retailers continue to file for bankruptcy, analysts say we could see sweeping layoffs. About two-thirds of layoffs tend to come in the first one-third of the year.
Bloomberg states that in 2010 there were 30,273 retail-based layoffs. Those numbers fell off from 2011 through 2015.
Bloomberg determined those figures by pulling data from news headlines. Layoffs that didn’t make headline news may not have been included in its numbers.
Credit Suisse calls the job cuts “almost routine over the past few months,” but “typical during a cyclical downturn.”
Among the big box companies to announce layoffs this year are Macy’s, Wal-Mart, and Nordstrom, among others.
“Most of the layoffs announced year to date are at the store associate level, as a result of retailers closing unproductive stores to ‘right size’ their brick-and-mortar footprint, or as a result of retailers attempting to reduce the number of employees per store,” Credit Suisse wrote.
“These layoffs are clearly an attempt to deal with the decline in brick-and-mortar productivity, as brick-and-mortar sales are lost to e-commerce while store expenses grow due to increasing wages,” the note added.
Sears announced on Thursday that it will close 68 Kmart stores and 10 Sears locations. Employees at those locations will have the chance to apply for other stores owned by the company.