This year was a rough one for some major retailers, as illustrated by an 80% surge in store closures in 2023 from the year before, according to Coresight Research. The reasons for this year’s more than 4,600 store closures are varied, ranging from the bankruptcy of a major retail chain to some operators closing underperforming […]
Tag: retail
Single-day Black Friday now a bloated month
Black Friday once was a single-day shopping extravaganza. Then came Cyber Monday, then Cyber Week… now, Black Friday events even pop up in the summer. What happened? Black Friday once had a simple definition: a one-day shopping blowout, when major retailers such as Macy’s and Target promised rock-bottom deals the day after US Thanksgiving. Today, […]
Organized shoplifting now a billion $$ industry
In a May earnings report, Brian Cornell, CEO of Target, said that a loss of inventory is expected to reduce the company’s profits by more than $500 million compared to the previous year. While he said there were “many potential sources,” theft and organized retail crime were becoming “increasingly important drivers.” The corporate disclosure was […]
Is ‘Black Friday’ Dead?
This season, holiday sales are expected to hit at least $942 billion dollars, which is a 6% increase from last year, according to the National Retail Federation. But with online shopping and earlier sales, does Black Friday still hold the same power in holiday shopping as it has in the past? Kristen Gall, the president […]
Sears To No Longer Sell Whirlpool, Maytag, KitchenAid
Sears Holdings is cutting its century-old ties with Whirlpool and will no longer sell the company’s products, which include Maytag, KitchenAid and Jenn-Air subsidiaries, according to an internal Sears memo sent to stores last week. The memo was reviewed by CNBC. “Whirlpool has sought to use its dominant position in the marketplace to make demands […]
Stock Market Soars After Trump Speech
U.S. stock-market indexes set a new round of records Wednesday as investors welcomed President Donald Trump’s conciliatory tone during his address to a joint session of Congress, despite a lack of details on his economic plans. Some analysts suggested that the absence of protectionist comments as well as his overall tone that was perceived as […]
JC Penny’s Closing 140 Stores
J.C. Penney (JCP) plans to close 130 to 140 stores and offer buyouts to 6,000 workers as the department-store industry sags in competition with online sellers and nimble niche retailers. The company said Friday that it would shutter 13% to 14% of its locations and introduce new goods and services aimed at the shifting preferences […]
Sears On Brink Of Bankruptcy
Business Insider spoke with more than a dozen employees, ranging from store clerks to senior executives, about the unraveling of Sears. Many spoke on the condition that they not be identified for fear of legal retribution from Lampert and Sears, including one person who specified that she would only speak off the record upon the […]
68 Macy stores closing, 10k jobs to be cut
The announcement was issued alongside an unfavorable earnings report, showing comparable store sales dipped 2.1% last quarter. The news caused its stock to plunge nearly 10% during after-hours trading Wednesday. Macy’s (M) said it expects to layoff about 3,900 workers as a result of the upcoming store closures, and another 6,200 jobs will be cut […]
These 14 major retailers are each closing at least 100 stores
No doubt about it, it’s a rough ride in retail right now. With the rise in online shopping, discount shopping becoming the norm and the middle class shrinking, brick-and-mortar retail is doing quite a bit of downsizing. In fact, there are about 2,500 store closings in the works across the U.S. Aéropostale, the teen clothing retailer has announced […]