It surprised me that 340 “dollar stores” (Dollar Tree/Family Dollar) are closing. I would have thought this sector to be thriving—unless this is a shakeout due to saturation of the market.
I’m also a bit surprised not to see Target stores mentioned on the list.
I don't even use drive up windows...fast foods, banking, nothing...I hate them!!!
Einstein Bagels doesn’t surprise me at all. They are open about 4 hours a day in the morning for breakfast and then closes the rest of the day and closed on Sunday. Not at all a good business model if you want to be successful. I actually am surprised Honey Baked Ham’s haven’t been closed. They have the worst hours too....lunch and that is it...closed weekends.
AT least part of what he is saying is just stupid. He sites 400 Office Depot/Office Max store closings without bothering to mention that the merger of the two companies has meant consolidation of stores in areas where there is duplication....That is not necessarily an indicator of a down turn
Such is life in the retail biz. As populations shift and change, stores close and new ones open. Except that the “new ones open” part of the equation has been stymied by the Obola economy and the rise of online shopping.
Why should I buy a book at Barnes & Noble when I can get it cheaper (including shipping) on Amazon? Ditto that for many other items, plus gas prices and the ghettoization of many big city malls and you have more and more people shopping by mouse and touch.
Traditional clothes shopping will be the last thing to die out completely other than grocery shopping - too many people have to try on before they buy. Whoever figures out a way to do that online (maybe by a precisely sized model avatar?) will be the next internet billionaire. Once clothing goes, retail is finished (along with a whole crapton of jobs, especially for young people).
Belk is trying to find a buyer, they have over 300 stores in 16 states.
Their biggest problem is they went on a huge buying spree over the past 20 years trying to buy up the competition.
Then they jumped off into wasting millions on totally meaningless promotions like musical contests.
Instead of just keeping their main thing their main thing.
I knew they had jumped the shark when they got involved in the democratic national convention in Charlotte by giving free makeovers to leftist delegates.
They forgot one store...CVS in Baltimore.
Bkmk
they can increase prices due to shortages and demand on the fewer goods available....their personal can treat the consumers like dirt similar to how the airlines treat common passengers....they can provide fewer amenities, fewer discounts, and can add plenty of add ons....