The retail apocalypse. It is an American trend forcing people to shop online or drive for miles.
Everything from shopping malls to brick-and-mortar stores have announced closures. Analysts find the change alarming because popular, well-known brands are shutting down locations.
With so many physical shops closed, the alternative is shopping online or driving for miles. There is an even higher need for online purchases if someone lives in a small town with few retail options. Closures of multiple big, beloved department stores will begin in January 2023. In some cases, all locations will close forever.
Well-publicized store closures include:
- Bed Bath & Beyond
- Banana Republic
- Abercrombie & Fitch
In 2019, there were 9,300 stores locked down.
The end of 2022 into 2023 also had multiple mass retailer closures. These events have affected shoppers in many states. One Woodland Mall representative according to MLIVE said, "Though we are sad to say goodbye to Banana Republic we are excited to continue diversifying the retail mix and investing in ways to create a premium shopping experience at Woodland Mall."
The retailers affected most are clothes, shoes, and personal effects stores. The shopping malls that house these stores are also feeling the loss via their bottom line. But the closures benefit Dollar Tree, Family Dollar, and Dollar General.
Walmart and and Amazon have also tried to capitalize of these closures through drone and 1-day home delivery features. In 2022, Walmart did over 6,000 drone deliveries. Meanwhile, Amazon sends out about 1.6 million packages per day.
What do you think?
Share your thoughts in the comments, and feel free to share this article on social media.
*Disclaimer: This article is for informational purposes only. This article got written using accredited media reports. Below are affiliate links.*
Beautiful definition: the person reading this. Thank you for gifting coffee.
Want to know about the news when it happens? Claim your free Newsbreak account. If you’re also interested in a writing side hustle, sign up to be a contributor.
Comments / 36