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 ...
I never went into a Dollar Tree until a few months ago. Found a lot of things I prefer in the smaller quantities and now go there at least monthly. Not one currently in my home town, but one has been approved and should be constructed soon. Population of town is only about 2,000 and DT does seem to be branching out into some smaller towns.
They probably will hurt some Dollar Generals which have been in small towns and at busy crossroads in the middle of nowhere for several years now.
“You order what you wanted there instead of mailing the order in and then picked it up there a few days later.”
yeah, but the one in our little town in the 1970’s charged shipping costs anyway ... the last time i tried that was when i ordered a set of cast iron pots, and they tried to charge me shipping costs more than the pots cost ... i told ‘em just to keep ‘em ...
everything sears did was wrong, and Eddie Lampert deliberately drove them into the ground once he bought it, basically raping the company financially and refusing to put a dime into anything in terms of store maintenance ... when they finally closed, their point of sale system, was still the exact same one they first used, which must have been a DOS system running on top of about ten layers of simulators by the end ... towards the end, practically the only store employee that knew how to use it was the store manager ...
[their lifetime warranty hoses were good, but now that they’ve gone bankrupt, i’ll have to be more careful about running them over with the lawnmower ...]
Online shopping has been a factor nationally for more than a decade - malls are closing or are repurposing throughout the entire company. Why schlepp it in an enclosed space filled with Hoi Polloi when all we have to do is ask Alexa to order us anything. This isn’t a blue state/red state thing (like those color categories mean anything as states shift between left and right), it’s just an America thing.
NYC never had a Wal Mary, even in a hood where most NYC Wal Mart shoppers would come from. In the northeast, Wal Mart is seen as a down market retailer shopped at largely by blacks and immigrants.
No I do not wish to fight PayPal and their collection services again for things that have been paid for. PayPal still duns me for an item I purchased and paid for with my VISA two years ago. It was small - $128. I eventually paid off the Collection Service to quit hearing from PayPal. Thus I paid twice and PP has started harassing me again for the same money and insists that I make monthly payments instead of sending it in a lump. I am not a financial masochist. I will not buy anything from a site that has PP as an option and I will not fly United. Both seem to have systematic fraud assignment departments. PP is blocked on my phone but I still get their calls from ghost phone numbers.
They will not come out and say that they are loosing business because of looting in black neighborhoods
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