Posted on 05/13/2023 3:39:11 AM PDT by dennisw
A combination of reasons are responsible for some of America's most beloved chain stores closing en masse across the country Walmart, Nordstrom and Walgreens stores are closing because of issues such as theft, rising rents and the fact that so many still work from home, experts say
One expert suggested that retail outlets will likely return but it will be a different experience for shoppers
Chains such as Walmart, Nordstrom and Walgreens are shuttering across big cities due to crime, work from home, online shopping and rising rents, experts warn.
A study from the JP Morgan Chase Institute found between 2017 and 2021, San Francisco, LA, San Diego, New York, Seattle, Miami and Chicago all lost major stores.
By the end of 2023, Walmart will have closed 60 stores since 2021. This year alone, Nordstrom will shut 15 stores and by the end of 2024, CVS will have shut 900.
One expert told CNN that when the big stores go retail will 'start to come back in different ways and forms.'
Last month, former retail giant Bed Bath & Beyond announced its bankruptcy.
The declaration came after months of dire financial news, which culminated in the closure of 236 stores in February.
Since then, Bed Bath & Beyond had struggled to maintain its 360 brand-name storefronts and 120 Buybuy Baby stores in the face of nearly $5.2billion in runaway debt.
Its demise was in part credited to the success of Amazon and other online giants solidifying their place in the market.
Investment bank UBS warned earlier this year 50,000 stores would close by 2027, cautioning 'the pace of store closures is set to accelerate due to the combination of a slowdown in consumer spending, a reduction in the availability of credit, and a rise in the penetration of e-commerce.'
(Excerpt) Read more at dailymail.co.uk ...
If you are a shopper, work from home is also a fabrication as it is not keeping you out of the store. Ordering items online from someplace other than Walmart is not a function of WFH or work from office.
Walmart closing shop is a function of the dregs of society shoplifting. Period.
I guess these stores will be replaced with vape shops, “medical” marijuana “clinics,” and tattoo parlors.
Order from one catalogue and you suddenly receive ten more in the mail. This is good. That’s how I shop. I also order online from Walgreens, CVS and Wal-Mart for vitamins and other health items, delivered by mail or home delivery.
If it weren’t for their pill-peddling to the elderly and obsese women; Walgreen’s would have been gone LONG ago. CVS, as well.
Inner City folk work a proven bizness model.
They steal from big name retailers and sell their stolen booty from their van or home.
They never figured the big name retailers would shut down their stores, aka source of free merchandise
These inner city bizness men are dumber than the Trailer Park Boys
Why are rents rising in areas that have become dumps because of crime?
I love online shopping for buying specialty and repair items which local stores can’t waste shelf space on. For the mass market items though? Buying them locally ensures future local availability. However, during covid online shopping supplanted local shopping. Now though, people who are ready to return to local stores can’t find even mass market items.
The markets are disappearing.
That said, House-Of-Representatives-caused inflation plays a big roll in the return to local markets. Shoppers are willing to pay 10% extra for local access, but not 50% extra.
I always hated shopping so I stay away from the malls. I do my bulk grocery shopping at the Walmart Market but quit going in person when they pushed the self checkout, and were rude when I asked for a real checker. I now have my groceries delivered and it’s so much easier. I’ll run by my local store for good sale items, produce, and meat.
Reporters lack the fortitude to acknowledge that there is a single root cause and that it is the breakdown of social norms caused by their collusion with a criminal cabal that has committed a coup against our nation.
I know on the way home I would swing by a business or fastfood joint to grab some lunch....not now thanks to WFH.
One of the reasons for the push for office workers to be back in the office is this very reason.
The local chamber of commerce is getting pressure from realtors, restaurant owners, etc, to get people back.
There's also the lost tax revenue as businesses are realizing they don't need office space.
.
“That said, House-Of-Representatives-caused inflation..”
Biden’s day one war on motor vehicle fuel caused inflation. Subsequent democrat spending exacerbated it.
“Who benefits? Amazonk and UPS.”
Amazon is also laying off people.
There are cheaper options now
Stores and restaurants are essentially just middle-men, between the producers and the consumers. When times get tough, you cut out the middle-men.
Who is John Galt? Many of us are.
I think those three have saturated the market in many areas with too many stores. I started noticing several years ago how often those three opened stores almost on the same city block, or retail area, in towns of around 10,000 to 15,000 I often pass through. And now, one of the three has shut down in each of three nearby towns. And there are still successful locally owned pharmacies in most any town.
And you're right about their prices on all sorts general items they sell.
Another thing I'm watching is that Dollar Tree seems to be opening stores in smaller towns where Dollar General has been established for several years.
Well, they have also forgotten what made them "beloved" in the first place. High prices, poor selection, and low quality are signs that these giant entities are meeting Wall Street's priorities, but not the customer's.
I won’t use EBay again because it insists my VISA card has to go on Ebay’s payments plan. I do not buy anything with monthly payments. Cash or no buy. Pay Pal hijacks my payments after I have declined PayPal and then charges me the price which has already gone out of my VISA account and insists that I MUST make the monthly payments. They did it to me twice in the course of 18 months and I now will not order anything from any site that has PayPal for an option. PayPal evidently has some sort of registry for people who are required to use it if it is a listed option. It is the United Airlines of banking services
The whole article reminds me of the slinging mud at a wall hoping it will stick metaphor.
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