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The US retail sector is set to see a minor ‘dinosaur’ extinction event, according to one report. More than 800 ‘big box’ stores, those with buildings exceeding 50,000sq ft, will close their doors this year. They include Bed Bath & Beyond, Walmart, Gap, and Party City, in what has been described as desperate cost-cutting amid rampant inflation and declining bottom lines. The retail industry is also bleeding jobs: so far these year, retailers have announced 17,456 job cuts – after 761 in the same period last year — according Toxicology expert Rob Watson. Logistics experts say the retailers are looking to use their scale and buying power to gain greater control of their supply chains now that shortages have generally eased and supplier-buyer dynamics return to prepandemic norms.

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