Stores closing every day – big box retailers, specialty stores, and small boutiques. Retailers and Boutiques in the United States are shutting down stores regularly. Shoppers are seeing bare shelves in many retail locations.
The retail downturn continues to slow down. Internet retailers have been capturing a lot of the market and brick and mortar retailers have been cutting their losses. Sales at appliance stores, department stores, and electronic stores slipped approximately 5% from the year before. Many malls have empty spaces and many have been completely empty. There is a lot of empty retail space nationwide.
Retail Stores Closing
American retailers have made adjustments by closing down stores. Major retailers such as J. C. Penney, Sears, Macy’s, Walgreens, and even Walmart are planning to close over 100 stores in the next year or so. Sears Roebuck is closing its oldest store in Chicago this August. Sports Authority hopes of selling assets and their leases have faded away and they will be closing all doors this year. Aeropostale is preparing to file for bankruptcy and will close more than 100 stores.
These store closings are only part of the story. Smaller retail chain stores and boutiques are shutting down completely. In December 2015, Kitson – a Los Angeles Company launched a going out of business sale as it prepares to close all 17 retail locations as well as their online shop. Also Scoop NYC is closing its 15 remaining shops. Both Kitson and Scoop NYC were known as pioneers for their merchandising several years ago. Business has not been great, and both stores became less of a place you could get special items.
Shopping Trends
Open concept shopping areas are having a big impact as they have many restaurants, service areas, and blow dry salons – one stop shopping and a social area. Online continues to have an impact on shoppers. New technology is impacting Consumers. Consumers are becoming more technical savvy and they look for styles and price points before venturing out to make a purchase.
I saw many of these changes occurring five years ago when I was running my prior Sales Office. Retail has been in a downward spiral for many years. I have a concern about many retailers as I see retail stores closing and anticipate further closing. Innovative thinking and serious restructuring are needed for retailers – big and small.
Have your shopping habits changed? What differences have you seen in stores you used to shop? Presently shop? Are you shopping online more? Using various apps? Seeing stores closing that you used to shop in?
At some point the public will hopefully become disenchanted with expecting one thing and receiving another version from the internet . Hopefully supporting your local community will seem like a more patriotic response and the purchase of a product will be more considered than a relatively sensory deprived action of an online purchase . Maybe there can be compromise and both economic options will exist equally . I expect that lifestyle stores will offer a broader based selection of more ‘one of a kind’ products .It would be a real shame to lose our small retail stores altogether .
It is important for Retailers and Designers/Manufacturers to offer newness. I believe on-line shopping is great however on fashion products, I believe touching and feeling is still the best approach. Retailers need to offer better service and unique approaches for their Customers to get excited about shopping.