One of Country's Biggest Retailers Closing 100 Stores Nationwide
It’s no secret that online shopping is convenient. Many times it is cheap and always offers shoppers items they need right from the comfort of their own home.
And in recent years, online shopping has become so convenient that many “brick and mortar” stores throughout the United States have begun to close their doors forever.
In a way, many of us feel our hearts drop a bit when a beloved store has been boarded up for good.
But when we look back at our increase in online shopping, it’s obvious that we only have ourselves to blame.
In 2017, well-known retailers such as Macy’s, GAP, J.C. Penny, and Staples each closed between 70 and 200 stores.
When discussing 2018, real estate firm Cushman & Wakefield has stated that the future may not be looking bright.
“Landlords are panicking,” they said, adding that “last year was pretty apocalyptic from a retail standpoint, and the macro issues haven’t changed. There will continue to be a high degree of bankruptcies and store closures.”
So for many other stores still holding out hope, 2018 may be the most difficult year yet.
The latest to feel the heat of the online shopping craze is Sears Holdings, the parent company of Sears and Kmart stores.
In 2017, they closed more that 350 stores. Throughout the year, the company’s shares fell more than 60 percent, and the stock on Jan. 4, 2018 was dipping almost 4.5 percent.
By April 2018, the company is planning to completely close another 103 stores across the nation.
Between the two brands, 64 of them will be Sears stores and 34 will be Kmart stores.
The company has stated that liquidation sales may begin as early as Jan. 12.
Employees of the respective stores were notified of the future closures on Jan. 4.
“We will continue to close some unprofitable stores as we transform our business model so that our physical store footprint and our digital capabilities match the needs and preferences of our members,” a statement by the company said.
And while it may be too soon to say, others may be following suit very soon. Macy’s stores are already planning to close another 11 stores, and has already closed 120 since 2015.
Hopefully, these retail giants can find a way to stay afloat, even if the answer is moving more business to shoppers online.
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