A giant wave of store closures is about to hit the US

Business Insider ^ | Dec 31, 2016 | Hayley Peterson

[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.

~SNIP~

[A_perfect_lady]

Yes. Who wants to go to the mall and get attacked by “yutes” out wilding?

[Wilhelm Tell]

Radio Shack missed the maker revolution - they started to look down on the hobbyist who might buy a few dollars of parts at a time. It seemed to be more profitable to sell phone contracts. But that made RS like any other store. They didn’t think that the hobbyist who buys parts one day might be savvy about technology and might be interested in buying expensive gadgets also.

[stuck_in_new_orleans]

These stories come out every January like clockwork. Last year it was Sears. Year before it was JC Penny. Before that it was Best Buy

[DoughtyOne]

Exactly!

[SVTCobra03]

It would be hypocritical for CVS to offer life saving prescription drugs for sale and health and life destroying cancer sticks at the same time.

[wally_bert]

Very rarely do I set foot in a store except for groceries.

99 percent of shopping is over the wire.

[Right Brother]

It's a vicious cycle. Inventory costs money. The internet is reducing brick and mortar inventory turns, so stores have to reduce inventory to only high turnover items. When people feel the store lacks inventory, they shop online. I own a guitar shop. While I am affected by online competition, most of my customers want to feel and play before buying. Every instrument is unique, so a blind buy is risky, unlike commodities such as electronics and clothing.

The other thing that can't be found on Amazon is the service and repair of instruments, which accounts for close to 25% of my business. Retail business can work if you work smart.

[gibsosa]

Beat me to it... Why leave the comfort of my chair in front of my computer for that?

[jttpwalsh]

“It would be hypocritical for CVS to offer life saving prescription drugs for sale and health and life destroying cancer sticks at the same time”

It never ceases to amaze me, at the local Walgreen’s, they hand someone their cigarette purchase, and utter the motto “Be Well”.

[snarkytart]

Also, did you see what was happening in those malls and department stores after Christmas? Some of the nicest malls and department stores when I was growing up are now shutdown due to this behavior. They completed a large outlet mall with a movie complex several years ago and I can tell you within five years all you see on weekend nights is police in the parking lot.

[Salvation]

Why buy from Amazon? They support abortion.

My dollars won’t hit their pages.

[snarkytart]

Not sure, but closing 70 CVS stores is not a lot considering there has to be a few thousands around the country.

[snarkytart]

9,600 CVS stores in the US as of 2016

[Catmom]

Boutique type stores in upscale areas, e. g., Anthropologie, seem to be doing just fine.

They seem to be the kind of stores that fit just fine into renovated buildings in gentrified areas.

The Pearl District in Portland, for example, used to be an industrial part of town.

[Lisbon1940]

I can’t remember the last time I was in a department store or mall.

[alloysteel]

Question: How is the now vacant retail space to be re-purposed in the future? The existence of these veritable caves attracts only vermin, transients, and potential pockets of mischief like arson and guerrilla warfare gangs.

Bulldoze them to the ground, cover over with reclaimed sewage sludge, and plant them to bramble and thistles.

[BobL]

“They are called “teens” which is Kenyan for Obama Kids.”

Actually, “youths”, at least when they were being talked about on TV, a few decades ago.

[elpadre]

I don’t believe store closures could be worse than they have been under Obama’s reign.

[MinuteGal]

When they were flourishing, the anchor big mall stores brought business to the lesser shops and eateries in the malls. Stores like Sears and Macy's closing shop will really wipe out medium-sized and small stores, (even the multitudes of kiosks) who depend on the traffic generated by the big chains at the mall's "four corners".

I hope Donald IMMEDIATELY makes a major statement (or at least in the next 20 days!) on any well-known chains, stores and malls going kaput so he doesn't get hung with these demises around HIS neck instead of the scrawny neck of Barak Insane Obama.

Leni

[Leep]

It’s interesting that some find online shopping as odd?
Especially when you consider the history of mail order.
I am saying this as someone who has ordered about 3 things online.