by: Debbie Lord, Cox Media Group National Content Desk
The news from retailers across the country this quarter has not been good.
More than two dozen stores and restaurants, including the likes of Macy’s, Payless Shoes, Outback Steakhouse and Noodles and Company, have either closed locations or have announce plans to shutter stores across the country.
As people choose e-commerce over shopping in brick-and-mortar stores, experts said customers can expect to see more deserted storefronts and “going out of business” signs.
“It’s going to be a year of transition and a year of reckoning and a year of awakening for retailers,” said Marshal Cohen, chief industry analysis for the NPD Group. NPD Group conducts market research on consumer trends.
More shoppers are eschewing retail outlets for the convenience of online shopping, made sweeter with deals from the likes of Amazon, which offers free shipping if you are an Amazon Prime member.
Amazon has seen the benefits of such features. In the fourth quarter of 2016, the company saw a 22 percent increase in revenue over the fourth quarter of 2015.
U.S. shoppers spent a record high $91.7 billion online during the 2016 holiday season.
While e-commerce is seen as quick and generally easy, a study conducted in 2013 by WD Partners showed that nearly 80 percent of respondents said instant gratification was what got them out of their homes and into the malls.
Here’s a list of 15 retailers that have announced store closings for 2017.
American Apparel – all 110 stores closed
CVS – closing 70 stores
Chico – closing 120 stores
Crocs – closing 160 stores
Family Christian – closing all of its 240 stores
JCPenney – closing 138 stores
Kmart – closing 108 stores
Macy’s – closing 63 stores
Office Depot – closing 100 stores
Payless Shoes – closing 400-500 stores
Radio Shack – closing 552 stores
Sears – closing 42 stores
The Limited – closed 250 stores in January
The Children’s Place – closing as many as 200 stores
H.H. Gregg – closing 88 stores
Several restaurant chains have also announced they will be closing locations in 2017 as well.
Forty “underperforming” Carrabba’s, Outback, Bonefish Grill and Flemings restaurants will be closing by the end of the year, according to the company that owns them.
In 2016, chains Bob Evans, Logan’s Roadhouse, Old Country Buffet and Ruby Tuesday all announced restaurant closings.