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Ty D.
Shop While You Can: Major Retailers Closing Locations Across the US
2023-01-05
The retail industry is facing a "retail apocalypse" as beloved American department stores are closing in droves.
I've been extensively covering the "retail apocalypse" through my Newsbreak articles. According to my January 4th article:
UBS investing experts have warned of another wave of the "retail apocalypse," citing the loss of 1,800 stores between January 2020 and March 2021, and the declining sales of mid-tier retailers such as Nordstrom and Kohl's.
Furthermore, UBS analysts have predicted that department store sales will "remain under pressure" in the first half of 2023, based on the Commerce Department data and their own analysis.
Stores Being Closed:
Macy's, Kohl's, Nordstrom, JoAnn Fabrics, and Bed Bath & Beyond are among the retailers that may be affected by the crisis.
Firstly, economic instability in the middle class has led to a decrease in spending at mid-tier retailers.
Secondly, the rise of e-commerce has contributed to the closure of brick-and-mortar stores.
Finally, mid-level consumers have turned to discount retailers like Walmart, Aldi, and Lidl to save money, leading to more expensive brands being pushed out.
Conclusion:
The "retail apocalypse" is a significant problem facing American department stores as they struggle to adapt to economic instability, the rise of e-commerce, and competition from discount retailers. It remains to be seen how these brands will survive in the face of these challenges.
What Are Your Thoughts?
Have you noticed any of your favorite stores closing in your area? How do you feel about the closure of brick-and-mortar stores in favor of online shopping? Have you turned to discount retailers to save money, or do you prefer to shop at higher-end stores?
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