Did some of your favorite stores close? Could it have been avoided with better costs?
Today’s post is by Troy Lowe; Vice President of Development at SafeSourcing.
If you are still the kind of person that enjoys going to stores and shopping, you have probably noticed that a lot of stores that you shop at are no longer there. In the U.S. retailers announced approximately 7,100 store closures which is a 69 percent jump from the year before. Not only are there closures but around forty-five retailers have filed for bankruptcy protection compared to around twenty-five retail bankruptcies the year before. A lot of the store closures are due to the economy and the fact that people are strapped and not spending as much money as they did in past years. With everything going up in price shoppers are now having to spend more money on more necessities and are spending less on other items. The retailers with the greatest number of store closings include drugstores and major discount chains. The pharmacy closings seem to be more of a problem with over 7,000 of their stores closing over the past few years. All of these closings have caused major gaps in locations making it hard for shoppers to find a nearby drugstore to fill their prescriptions and get other health care products they need. Researchers are hopeful that the retail space may stabilize later this year but do not be surprised if there are still additional closings. Below is a list of some of the retailers that closed multiple locations over the past year.
- Family Dollar
- CVS Health
- Big Lots
- rue21
- 7-Eleven
- Rite Aid
- Walgreens
- Foot Locker
- Dollar General
- Dollar Tree
- Macy’s
- Office Depot
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