A string of high-profile retailers are shutting down their US operations this year, with over 10,000 stores set to close. The closures come as consumers increasingly turn to online shopping and the retail industry struggles with declining sales.
Macy’s, iconic fashion retailer, is closing 150 stores in two years as part of its “Bold New Chapter” plan. The company cited changing consumer behaviors and online shopping trends as reasons for the decline.
Liberated Brands, which owns popular surf and skate clothing brands, filed for bankruptcy and plans to close all 140 US stores due to financial struggles. The company blamed fast-fashion companies that cater to micro-trends rather than traditional seasonal trends.
Other retailers, including Joann fabric store chain, Walgreens, and CVS, are also closing numerous locations across the country. Joann is closing its 800 stores nationwide, while Walgreens will shut down over 1,000 underperforming stores.
Party City, which has been in business since 1986, blamed inflation and changes in customer spending for its demise and plans to close all 700 stores by February. Kohl’s Corp. is also downsizing its operations, closing 27 retail sites and a San Bernardino e-commerce fulfillment center.
The closures are part of a larger trend of retailers struggling to adapt to changing consumer behaviors and online shopping trends. With over 10,000 stores set to close this year, the impact on jobs and local economies could be significant.
Source: https://www.themirror.com/news/us-news/stores-closing-retailers-face-bloodbath-1046501