While some major retailers are closing a number of their stores, others are going out of business altogether. Big names such as Walgreens and Gap among many others have thus far in 2019 closed around 7500 stores. And even more, are predicted by year’s end. What’s more, experts say that by 2026 a whopping 75000 stores could be closed across the country. Below are a few of the biggest names hit hard this year.
Nordstrom
Nordstrom saw four of its department stores close in 2019. Comparison shopping online and just the emergence of eCommerce, in general, have hurt the retailer. Profits are falling and they are currently attempting to lure customers back with Nordstrom discount stores and more efficient online ordering.
Macy's
Another major mall staple department store, Macy's also saw four stores close this year. Their closings were strategic as the CEO explained that the moves were designed to address areas in which the return on investment simply wasn’t viable.
Target
Target, though still somewhat strong, did close six of its stores this year. The locations that were losing money were targeted. Last year the company closed more than a dozen locations. They do though have plans for opening new stores over the next year.
Kohl's
While the outlook for Kohl’s is slightly improving, they did close eight stores in 2019. Their location in strip shopping centers seems to be more desirable than those of mall stores. But that still didn’t save that money-losing stores or the discount version of their stores.
The chain says the closings will be balanced out by the opening of four new stores, though they'll be smaller than the typical Kohl's.
Lord & Taylor
This is the country’s oldest department store, and in 2019 it lost four of its stores. They are looking through to open several more in strategic areas. They’ve also recently partnered with Walmart to help bolster business.
Walmart
Speaking of Walmart, 2019 saw the retail giant lose 17 stores. Hundreds were laid off in these closings**.** Their stores that closed represented a range of store types from neighborhood grocery stores to traditional discount stores to Walmart on-campus stores.
J. Crew
J. Crew relies heavily on mall traffic and with that steadily dwindling, their stores are hurting. That said, there were twenty closings for the company this year to include their outlet stores. The closings also include their “Liquor Store” which was a men’s store they’d had for over ten years in Manhattan.
J.C. Penney
A shopping mall fixture, J.C. Penney is definitely in trouble with 27 of its stores closing this year. To try and survive, the retailer closed 18 clothing/department stores and 9 of its furniture stores in 2019.
Christopher & Banks
The women’s clothing retailer plans to close a whopping 40 stores this year. The company has recently reported a 9 million loss with sales down over seven percent. The chain is doing what it can though to bounce back.
Abercrombie & Fitch
Another mall stalwart, Abercrombie’s business has drastically decreased over the past few years. Forty stores will potentially be shut down this year. With some of the other locations, the company is planning to shrink the size and scope of the store.
Bed Bath & Beyond
With Bed Bath & Beyond, huge leases seem to be a major problem. They will close forty stores in 2019. And maybe more, if they can’t renegotiate some of their leasing contracts. Currently, there are almost a thousand Bed Bath & Beyond locations in the country.
The Children's Place
The future does not look bright for the once-popular children’s clothing store. They plan to close 45 stores in 2019 and as many as 300 by next year. To address its flagging business, the company is trying to focus more on its website and online sales.
Party City
Of its near 900 stores nationwide, Party City is closing 45 of them this year alone. It is focusing on its more profitable locations while scaling back on those money losers. They’ve been dealing with issues in terms of helium suppliers but have since signed a new deal that should help.
CVS
By the mid part of 2019, CVS closed 46 of its stores to include its largest location in Missouri. This store was over 64,000 square feet—put into perspective, the typical CVS is right around 12,000 square feet.
Lowe's
A total of 51 Lowe’s will go out of business this year—both in the US and Canada. While they will still have an impressive 2000 locations within the two countries, they want to focus on strengthening the top performers and are thus closing underperforming stores.
Kmart
Of the over 2000 locations that were scattered across the country, there are now only about 200 Kmart stores remaining. Last year alone they closed 150 stores. And the trouble just seems to keep growing for the one-time retail giant.
Victoria's Secret
Tastes in women’s underwear are changing. The focus more and more is on comfort versus the skimpy styles that Victoria’s Secret became famous for. This year they are shutting down 53 stores as women want underwear and lingerie that accommodates all body types.
Office Depot
Office supplies like paper and toner and posts it notes are just easier for people to buy online. Amazon has made Office Depot all but obsolete. This year it closed approximately 60 stores, with potentially more closures on the horizon. The brand is trying to focus on its top performers while shutting down those locations that are losing money. This year marked the last phase of a 3-year plan to do away with roughly 300 stores.
Sears
Having filed for bankruptcy in 2018, Sears this year closed 93 stores. The one-time mall giant is now struggling, badly. The Sears location in Minnesota's Mall of America even fell victim to the company’s closures. A hedge fund recently bought Sears Holdings, but that doesn’t seem to be slowing down the store closings as of late.
Performance Bicycle
Performance Bicycle has gone out of business, as such, it had to liquidate all of its locations and subsequently shut down 102 stores this year. Because of the trade war, the company had to deal with high tariffs and simply could not make enough to get out of debt.
Here at First Union, we have helped many businesses from the brink of closing. Call today to speak to one of our agents!