US: Retail Collapse: Over 800 Big Stores Set to Close Due to Inflation, Crime, Interest Rates
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Retail stores have been in trouble since the beginning of the pandemic, but now the issue is coming into hard focus.
Over 800 large stores are set for closure in various parts of the country.
Inflation means people have less money to spend. Combine that with the issue of rampant crime and rising interest rates and you have a recipe for disaster.
Bob Hoge writes at RedState:
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Retailers to Shut Down Over 800 Big-Box Stores as Inflation, Anemic Sales and Interest Rates Create Perfect Storm
The retail world continues its downward spiral, as holiday sales failed to meet expectations and wary consumers are keeping their wallets in their pockets due to rampant inflation and soaring interest rates.
Just to be clear: 2022 Christmas holiday sales did increase from the prior year; it’s just that expectations were primed for an even higher increase after two years of the pandemic.
The end result: over 800 big-box stores are slated to shut down across the country in 2023.
Bed Bath & Beyond, Walmart, Gap, and Party City are among the big names who will be downsizing. Bath & Beyond, which narrowly escaped bankruptcy proceedings earlier this month, is the biggest loser, aiming to cut its number of stores to 480 when it once had over 1,500 locations.
At least 416 stores have been identified for closure, along with all 65 of its locations in Canada. Thirty-five will close in California alone…
Next up is homegoods outlet Tuesday Morning, which will close 265 stores as it struggles to survive through bankruptcy proceedings. Once again, California will be hardest hit, with 30 stores shutting their doors.
Macy’s, Big Lots, JCPenny, and even Amazon Fresh grocery stores also have plans to shutter locations.
Crime is a driving force here. It has been allowed to go on for months.
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