Store closures announced this year climb to 4,810
The pace of end-of-life announcements in the merchandise store did not sharply decline this week, following a brutal last week for malls and malls throughout the United States
Dollar Tree said this week it will close up to 390 Family Dollar stores, the clothing retailer Abercrombie & Fitch said it plans to close 40 stores.The bankrupt clothing company Charlotte Russe has started liquidation sales and will now close over 500 stores, up from previous plans to Just close 94 places. On top of that, Amazon said this week it closed all 87 of the pop-up stores in the Whole Foods stores, Kohls stores and malls across the US, starting in April 1[ads1]9659003] Compared to this Friday, 4 810 store closures have been announced by dealers so far this year, according to Coresight Research, a week ago this tally was 4,309, while Coresight said it tracked 2,264 store openings so far in 2019, including n one of fitn ess brand Peloton, Ulta Beauty, online device company Indochino and Ross Stores.
Nevertheless, the closures are far outweighed by the openings, so property owners are looking for new businesses or unique concepts to fill empty store fonts, now. Other retailers who close stores in malls this year include Gap, JC Penney, Victoria's Secret, Tesla and Chico.
To keep their properties attractive despite headwinds, some malls become owners by building rooms that allow for a variety of brands, many of them born on the internet, to share a store and sell it in shorter time, rotate in and out. The third largest mall owner in the US, Macerich, has a business that does this called BrandBox. Mall and mall owners are also looking for so-called digital original brands such as mattress maker Casper, shirt brand Untuckit, active goods retailer Rhone and drink brand Dirty Lemon to entice them to open up stores on their properties. And then they add co-operative sites, hotels, gyms and even apartments to take shuttered retail.
"I think the rationalization of the store will continue. We are still superimposed," Marie Driscoll, CEO of luxury and fashion for Coresight, said. "But in some places – the A shopping malls – people panting to get into those places. So it's all a question of where you are and what you pay for being there. But the general secular trend is still for the rationalization of the store. "
In the midst of all the chats about store closures, real estate developer Related will open a massive shopping center in New York, The Shops at Hudson Yards, next week. You don't see many malls that are still being built from scratch today. The property will be anchored by the department store chain Neiman Marcus, with luxury retailers at a discount – including Coach, Madewell, Athleta, H & M, Fendi, Lululemon and Cartier – to set up shop there. Property analysts in the area say it will be a true test to see if the city can handle another retail, or if customers already have enough to choose from.
