Retail brick and mortar stores are surviving despite online shopping

We hear all the talk of the internet and online shopping taking over but research suggests brick and mortar stores aren't going anywhere.  In fact, the amount of stores appears to be growing.  

According to research from the IHL Group for every retail chain store that closes, five retail chains open up.  That doesn't sound like retail stores are suffering.  Retail analyst Wade Ragas explains the same thing is happening here in New Orleans.  

"We have been doing an enormous retail expansion here, where as the contraction has been very small," Ragas said.     

And Ragas said that has been going on since Katrina, and now, the last couple of years job growth has fueled that as well.  

"Whenever you have lots of job growth, you also have lots of employment growth in the retail sector," Ragas added.  

Although online shopping is having somewhat of an impact. 

"It is shuffling the deck, but at the moment, the New Orleans market hasn't been as upset by it as a lot of other market places, so we are weathering these changes even with a huge expansion in Amazon actually occurring in the local market," Ragas said.   

Since 2017, apparel and department store chains have seen the net closure of 9,651 stores.  During this same period, all other segments represented 18,226 net new openings.