In today's retail environment, there is plenty of buzz about the "retail apocalypse"-the growing phenomenon that has resulted in brick-and-mortar store closings. Numerous longtime specialty retailers such as Pier 1 Imports, Sports Authority, Toys "R" Us, and Payless Shoe Source have gone out of business in recent years. Still others such as The Gap and Victoria's Secret have been closing stores and showing signs of distress. And once massive general merchandise retailers Sears and JCPenney have been shrinking for years. Each has filed for bankruptcy, leaving many to speculate that they will soon be out of business entirely. But all the buzz about ailing retail chains overlooks the retail areas that are thriving. And it's more than e-commerce. While thousands of physical stores in the United States have closed every year, the net number of physical stores has remained relatively constant. And last year, as pent-up demand from shutdowns related to the COVID-19 pandemic relaxed, retailers opened 8,100 new stores-more than double the number of closures.

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