More and more, people are trading the experience of walking through stores, fidgeting with price tags and deciding what to buy with the quick, easy convenience of Amazon. In a world of size charts, reviews, online images and great return policies, many times, it seems like in-store shopping will soon become a thing of the past. With the rise in multinational corporations, like Amazon, many stores have felt the increasing pressure to close. According to an analysis by Business Insider, 9,300 store closing were announced in the U.S. in 2019 and even more are expected this year. So if you’re someone who likes browsing through lines of clothing or sniffing perfumes and lotions before you buy them, you might want to take advantage of the opportunity to shop at the stores below before they’re gone.
Forever 21
It seems as though “forever” might be coming to an end as the fast fashion retail giant, Forever 21, filed for bankruptcy after efforts to push the brand internationally made it more difficult to invest in its supply chain. According to The New York Times, concerns about the environmental impact of the company have also affected sales. Among the 350 stores set to close in 2020, 200 are located in the U.S.
Pier 1 Imports
After a hard year of sales, Pier 1 Imports announced the closure of 450 stores, which started in January. The number of stores makes up approximately half of the total store count. According to Business Insider, the company also plans to downsize its corporate headcount and shut many distribution centers.
Macy’s
The iconic department store doesn’t plan to shut its doors completely, but a major downsize (up to one -fifth of the stores) in its future. According to Macy’s CEO, Jeff Gennette, the company plans to close 125 stores in “struggling malls” across the U.S. The consumer shift from traditional shopping malls to strip shopping centers and online shopping has caused many companies, including Macy’s, to reinvent their business’s approaches.
Bed Bath & Beyond
At the end of last August, Bed Bath & Beyond had over 1,000 stores in the U.S., Canada and Mexico. With even more subsidiary companies, including buybuy BABY, Cost Plus World Market and more, the company offers products for any consumer. Unfortunately, according to Business Insider, the company plans to close 40 stores during its current fiscal years, which ends in April and another 20 by the end of 2020
Express
Another staple in shopping malls all across the U.S., the clothing retail company, Express, has announced closures for stores in 2020 and 2021. By 2022, the brand plans to close over 100 stores, a number that makes up about a quarter of its overall number.
Photo: M. Bianchetti
