800 Big-Box Stores Expected to Close Nationwide This Year as Recession Fears Loom
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As holiday sales continue to fall, the retail industry continues to slide. Not up to expectations Due to the soaring interest rate and rampant inflation, consumers are being cautious and keeping their hands out of their pockets.
Let’s be very clear: Christmas holiday sales in 2022 Did It is an increase over the previous year, but it is because expectations were set for an even greater increase after the pandemic.
Critical holiday shopping season: Retail sales rise 7.6%https://t.co/GhGjZ1sdYF
— FOX Business (@FoxBusiness) December 27, 2022
The final result is that over 800 big-box retailers are now open The shutdown is planned In 2023, across the country
Among the major names that will be closing down are Gap, Walmart, Party City, Gap and Gap. Bath & Beyond, which is narrowly Escape This month’s biggest loser is Bankruptcy. The company plans to trim its stores from over 1,500 to 480.
At least 416 stores and all 65 locations in Canada have been identified as being closed. California will see the closure of 35 stores.
While I don’t believe that Mike Lindell’s expulsion from BB&B was the reason for all their troubles, it certainly didn’t help.
That is why I stopped shopping in bed, bath, and everywhere else.
Get up and get out of bed. https://t.co/3CpEToXWkN— Karen (@GoingBySophie) February 10, 2023
Homegoods outlet Tuesday morning will be next. It will close 265 stores while it struggles to survive in bankruptcy proceedings. California will again be the hardest hit with 30 stores closing their doors.
Macy’s and Big Lots, JCPenny and Amazon Fresh all have plans to close down their stores.
What’s the story? CNBC explains:
The shopping season’s results are good news for retailers Reflect the challenges ahead. Americans are continuing to pay higher prices for food, housing, and other necessities month after month. They are increasing their credit card balances, spending less savings, and having fewer dollars available for discretionary spending.
Retailers are also following years of exceptional spending. During The Covid pandemicAmericans used stimulus checks to fight boredom. They bought loungewear, throw pillows as well as kitchen supplies and home theater systems.
Party City Entertainment Supply Chain, which is a well-known entertainment supplier chain, filed for bankruptcy. It is currently auctioning off many of its leases. NJBIZ reports:
One month after you file for Chapter 11 bankruptcy protectionParty City Holdco Inc. wants to shrink its retail footprint as part a quick financial restructuring.
In a February 16 filing The Woodcliff Lake-based owner of 800+ stores announced that it was working with A&G Real Estate Partners in order to auction leases for 12 locations in six states that are underperforming. A&G says that additional lease auctions will be held in the coming weeks. The number of closings depends on the outcome of ongoing negotiations between landlords.
This isn’t a new trend. CVS and Rite-Aid have been quietly closing down stores for the last few years. Another reason: Many locations are closing down because it’s unsafe to operate. Numerous spots have been closed by prosecutors and lax laws. Virtual free-for-alls available to organized shoplifters.
Is this the end for physical shopping? Many of these trends were already in place before the pandemic. The COVID calamity only made brick-and-mortar stores worse. It basically gave billions of dollars to online retailers like Amazon while people were locked inside their homes.
However, economies are dynamic and move in waves. There are also peaks and valleys. I don’t believe we’ve yet seen the end to physical stores and malls. People are social creatures and online shopping is starting to lose its appeal. They want to touch the merchandise and talk to others.
January retail sales were an unusual good sign. Quite sharply up As consumers took advantage post-Christmas sales. If history is any guide, Biden’s inflation should ease in the future and things will get back to normal.
However, Obama was a former president Once said Biden: “Don’t underestimate Joe’s ability to f*** things up.”
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