Retail Graveyard: More Than 7,000 U.S. Stores Have Closed This Year
by MR Magazine Staff
Jul 16, 2019
If the carnage in the retail industry seemed bad last year, it pales in comparison to the damage the sector is suffering in 2019. Already above the pace 2018 set, U.S. store closing could exceed 12,000 this year. That’s according to Coresight Research, which pegs the count of retail outlets that have closed in 2019 at 7,062, versus 3,017 stores opening. Last year, 5,864 stores closed and 3,258 opened. Beyond the shuttered facades lining main streets across the country, the human toll in terms of jobs lost is another impact. Challenger, Gray & Christmas counts 53,248 announced retail job cuts through June, compared to 98,563 for all of last year. Read more at CBS News.
Why should we be surprised ? This is what our industry did to itself. So sad !
Brands selling direct to the consumer is a larger reason for these closings than we all are willing to believe! Profit is not a bad word. But greed, that is something quite different.
Over expansion and a maniacal focus on price promotion, to the exclusion of exciting merchandise and customer service, have led to this inevitable situation. Retailers generally lost sight of what makes for great stores: compelling merchandise presented in a compelling manner and sold by knowledgeable, well compensated staff.
DITTO THE GREED OF THE SUPPLIERS WE BROKE OUR BACK TO ESTABLISH ARE THE SAME ONES TRYING TO CRUSH US.. ITS NOT THE OTHER RETAILERS THAT WE COMPETE WITH ITS THE SELFISH MANUFACTURERS THAT HAVE ONLINE SITES THAT CONTINUOSULY DISCOUNT UP TO 50% OFF AND EXPECT US TO INCREASE OUR ORDERS WITH THEM AS THEY TRY TO ANNIHILATE US.. THE SUCCESS OF MANUFACTURERS THAT WILL REFUSE TO TAKE THIS COURSE OF ACTION WILL BE THE ONES LEFT TO SELL THE FEW OF US WHO REMAIN..THE ONES LIKE MYSELF WILLING TO WORK 7 DAYS A WEEK WHO HAVE SPECIAL RELATIONS WITH THEIR CUSTOMERS WHO APPRECIATE THE PERSONAL SERVICE AND VALUE ADDED SERVICES THAT A SMALL SPECIALTY STORE CAN OFFER..WE HAVE TO EMPHASIZE SPECIAL IN SPECIALTY.