Every industry is being impacted by inflated costs, but retailers appear to be getting it the worst.

Retail Dive recently reported that based on recent report findings by Alignable, a referral network for small business owners, the industry is poised to lose greater than half of their firms.

Per the findings, nearly half of small business owners, including 59% of outlets, shared they’re liable to shutting down before winter, a jump from 12% from the 35% that said the identical a yr ago.

It looks much more troubling for minority-owned businesses (52% could possibly be shuttered by fall) and women-owned businesses (53%). It looks like those in certain parts of the country are more vulnerable to financial struggle. Small retailers in Colorado, Michigan, Ohio, Pennsylvania, Texas, North Carolina, California, Illinois, Florida, Recent York, Recent Jersey and Georgia, are at significant risk.

In 2020, about 160,000 businesses indicated on Yelp that they were closed. “Overall, Yelp’s data shows that business closures have continued to rise with a 34% increase in everlasting closures since our last report in mid-July,” Justin Norman, vp of knowledge science at Yelp, shared with CNBC. “Despite the hard hit small businesses have actually taken, we’ve seen that home, local, skilled and automotive services have been able to resist the results of the pandemic higher than other industries,” Norman noted.

Overall, small business owners have needed to reduce their inventory, slash marketing costs and search for other ways to salvage their funds. Forbes reported that 41.5% of small businesses shared they’ve experienced significant financial stress within the last 3-5 months.