Skip to comments.A giant wave of store closures is about to hit the US
Posted on 12/31/2016 12:23:49 PM PST by TaxPayer2000
Retailers are bracing for a fresh wave of store closures at the start of the new year.
The industry is heading into 2017 with a glut of store space as shopping continues to shift online and foot traffic to malls declines, according to analysts ~SNIP~
Nearly every major department store, including Macy's, Kohl's, Walmart, and Sears, have collectively closed hundreds of stores over the last couple years to try and stem losses from unprofitable stores and the rise of ecommerce.
But the closures are far from over.
Macy's has already said that it's planning to close 100 stores, or about 15% of its fleet, in 2017. Sears is shuttering at least 30 Sears and Kmart stores by April, and additional closures are expected to be announced soon. CVS also said this month that it's planning to shut down 70 locations.
Mall stores like Aeropostale, which filed for bankruptcy in May, American Eagle, Chicos, Finish Line, Men's Wearhouse, and The Children's Place are also in the midst of multi-year plans to close stores.
(Excerpt) Read more at businessinsider.com ...
Eaten by Amazon. Stores with relatively undistinguished wares and store presence can’t stand up to web-based competition featuring substantially identical items.
Also driven by waves of feral beasts occupying those establishments.
I would have thought CVS would be more or less immune. Maybe they shouodn’t have dropped cigs.
I stopped in there for batteries once in the past 10 years. They tried to sell me a smartphone even though I already had one.
The 1970s was the best time for Radio Shack. I used to buy shortwave radios there! And Heath kits. I was such a 1970s nerd.
A minor consideration at the moment, but one that is definitely increasing. Take away their ObamaPhones, used for staging.
Isn’t $oro$ invested in CVS?
“The US has 23.5 square feet of retail space per person....”
That might be the problem.
Then there is Amazon.
And Costco stores do not seem to be closing.
My favorite places to are eBay and Chewy’s
eBay offers free shipping and delivery is usually fast.
Chewy is where I buy pet food - if I spend $49, I get free shipping and two day delivery.
I no longer shop in the mall when I can have anything I want delivered to my doorstep.
No more getting in a car and trying to find parking at the mall.
And the economic dislocations job losses etc will be blamed on Trump. Its how liberal media types roll.
Even though long term problems are coming to a head, the fact that the closings will happen with Trump as president will cause the media to report these as a reaction to Trump.
The fact that some malls are losing customers due to feral youth raising hell as a factor here, will be ignored.
Heck the media may even rediscover that we have a homelessness problem in this country. They can only report on certain subjects when a republican is president.
I was disappointed to see that a Dunham’s sporting goods store here in town closed recently.
I bought a lot of stuff there, guns and ammo.
Obama wants his legacy? Here it is. Failure.
Please, say it isn’t so!!!
Agreed. A local talk show host described the mass of fighting teens at a local mall on 12-26 as a major advertisement for Amazon Prime.
Unless Amazon is convincing fed, state, local legislators to keep jacking the minimum wage, up taxes and regs, I don’t think it’s all Amazon’s fault.
relatively undistinguished wares = mostly all the same cheap Chinese junk.
Radio shack is still the only place to get basic electrical components.
Radio Shack was great back in the 1970’s but while everyone else moved on from the 1970’s, Radio Shack stayed in the 1970’s.
If ever I walk into a Radio Shack now, I expect to see a TRS-80.
Cheering on the demise of Target. Let’s hope that their earnings fall way short during this holiday season and they go out of business.
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