Retail facing biggest challenge since recession

New York • It’s starting to look a lot like the Great Recession redux for retailers. More than twice as many stores have closed this year than at the same point last year. Bankruptcies are far outpacing last year’s rate. Retailers slashed jobs at the sharpest pace in seven years this spring. And retailers collectively could report the biggest drop in first-quarter profits since 2009. This time, the culprit’s not the economy but shoppers whose habits have changed profoundly and permanently, as th...

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