Is your favorite store closing?
The reality is that the economy has hit even the most popular stores hard. People don’t have the available spending power that they once did. Combine that with understaffed stores and it results in massive store closures across the US.
For those consumers who do have money to spend, most would rather do it online. It’s easier and more convenient to shop, and there’s no line to wait on or rude cashier to deal with.
So, what stores will be closing locations?
– Macys
– Nordstrom
– Kohls
Meanwhile, there are actually a few stores that have benefited from the recession. Stores like Costco and TJ Maxx are seeing more shoppers because people are turning to them as a way to save a few bucks here and there.
UBS analysts have been looking at data from the Commerce Department, saying that department stores will “remain under pressure” throughout the first half of 2023.
Department stores aren’t the only ones closing, either. Some of your other favorite places to shop may have plans to close up a location near you. These include:
– Bed, Bath & Beyond
– GNC
– Bath & Body Works
– PetSmart
– Hallmark
– Mattress Firm
Is it too late to do anything to support your favorite store? Probably. Many of the decisions were made in 2021 and 2022 – and stores are just deciding which locations to close. Some stores will be closing all of their brick-and-mortar locations to focus solely on internet sales. Meanwhile, others will be picking and choosing which locations to keep open.
Take a drive around town. You might be surprised to see a sign that announces they’re closing. The only good thing that comes out of such signage is the inevitable sales that will take place to clear out the inventory.
