On July 12, Amazon hosted its Prime Day. The online retail giant said that the event marked its biggest sales day ever with orders 60% higher than last year. Market experts observed that retail sales at brick and mortar stores, however, were flat for July despite a projected increase. Many believe that the slump in sales was a direct result from Prime Day.
In the age of online shopping where you can order just about anything from your computer or phone, major retailers are taking a serious hit. To deal, stores are closing hundreds of locations, cutting jobs, and freezing overtime for employees.
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Kmart just recently announced that they would be closing 64 stores across 28 states which will cost thousands of workers their job. The affect stores are listed below. Kmart liquidation sales will start September 22 and doors for these select stores are set to close before Christmas.
Sears has been around since 1886 when it first opened doors in Chicago. CBS News reported that since the beginning of 2016, the department store has been experiencing its largest slump in operating performance since 2006. Sears announced that it would be closing 300 existing stores, nearly 50% of its locations. Sears Holdings recently filed a SEC document on September 16, 2016 that states Sears is expected to close another 17 "unprofitable" stores by January 2017.
For the past few years, JCPenney has been monitoring its stores, and closing those that are underperforming at the beginning of each year: 33 in 2014, 40 in 2015 and seven in early 2016. With shares declining by more than 25% since March, the department store has implemented cost-cutting measures such as cutting back employee’s hours and freezing overtime.
Macy’s iconic holiday window displays and Thanksgiving Parade have made it a favorite in the world of department store chains. But it is not immune to the effects of online shopping. Macy’s just announced that to increase profitability, it will close 100 stores – this follows announcement eight months before that it will close 36 stores and cut 4,500 jobs).
As one of the second largest discount retailer in the United States, Target is another merchant that was also affected by the rise of online and mobile shopping trends. In November 2015, the retailer announced that it plans to close 13 locations across the nation and each location officially shuttered it's doors early this year. So far, only these 13 stores have been closed:
Founded in 1977, American Eagle Outfitters has been a longstanding fixture in malls across the U.S. In 2014, the store announced that it would close 150 stores of its 1,000 stores over the next three years.
One of the hardest hit retailers was Sports Authority. Once known as the largest sports retailer in the U.S., it filed for bankruptcy in March and announced that 140 of its 450 stores would be closing. Unable to reach a deal with creditors and lenders, the retailer released a statement that it would be closing all of its stores. Since then, Dick’s Sporting Goods won the Sports Authority brand name in the bankruptcy auction.
Office Depot closed 168 stores in 2014 and 181 stores in 2015. The office supplies business is competitive. When Office Depot bought out its rival Office Max in 2013, it said it would close 400 stores by the end of 2016. With plans to close 50 more by the end of this year, Office Depot will reach its goal for store shutdown.
Even the nation’s largest pharmacy chain is experiencing a retail slump. USA Today reported that Walgreens announced plans to close 200 stores in order to boost its cost-cutting initiative by $500 million. And there may be more closings to come – the pharmacy is willing to sell up to 1,000 stores in order clinch a $17.2 billion merger with Rite Aid.
In 2016, the sports apparel chain announced plans to close 150 of its 617 stores over the next four years. The stores set to shutdown make an average of $1 million sales a year, which is half of what a standard Finish Line makes according to Buzzfeed News.
Another teen-clothing store that can be found in just about any suburban mall, Aéropostale has really suffered. The store filed for Chapter 11 bankruptcy in May and announced that it would be closing 154 stores in the U.S. and Canada.
The children’s clothing retailer has been in a slump starting with a shutdown of 76 locations in 2013 and 2014. After disappointing earnings in 2015, the Children’s Place accelerated its store closing plans to 200 stores through 2016. This followed the previous announcement that it would close 125 stores through 2016.
In early 2016, Walmart announced that it would be closing 269 stores with 154 locations in the U.S. 102 of the locations shutting down are the smaller Walmart Express stores. According to Business Insider, the discount department store giant plans to shift focus to its Supercenters and smaller-format Neighborhood Market stores.
It’s refreshing to know that people still enjoy the enriching experience of going to the bookstore. In fact, Barnes & Noble’s in store sales have been on the rise. As a result, the bookseller announced that it would be closing only 8 locations this year, the smallest number of closing since 2000.