As more sales move online, experts say that retailers will need to close more and more stores.
Overall, retailers have closed more than 15,000 stores since 2017, according to UBS. Among them: Radio Shack , Toys R Us , and Mattress Firm and GNC . By Abha Bhattarai Abha Bhattarai Reporter covering the retail industry Email Bio Follow April 10 at 7:21 AM Widespread closures have roiled the retail industry, but many more stores are likely to shut down in coming years to keep up with a shift to online shopping, according to a report by investment firm UBS.
Analysts said the closures would affect a broad variety of retailers, affecting an estimated 21,000 apparel stores, 10,000 consumer electronics stores and 8,000 home furnishing stores.Already this year, retailers have announced plans to close thousands of stores as they keep up with changing consumer habits. Payless ShoeSource, which filed for Chapter 11 bankruptcy protection in February, is closing all 2,100 of its U.S. stores, while Gymboree is shuttering its 800 locations.
“This is a healthy cleansing for the retail industry,” said John D. Morris, senior brand apparel analyst for financial services firm D.A. Davidson. “We’re in the middle of a multiyear retail purge. Companies are finding that when it comes to stores, less is more.”Overall, retailers have closed more than 15,000 stores since 2017, according to UBS. Among them: Radio Shack , Toys R Us , and Mattress Firm and GNC .
Even so, some Internet-only companies such as furniture retailer Wayfair and mattress brand Casper are beginning to open physical stores. But analysts said these outposts — often smaller and more sparse than traditional stores — function more as showrooms for items customers can order online than a one-stop shop with swaths of inventory.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mackenzie Bezos says she is going to give Jeff 75% of her Amazon sharesTogether Jeff and Mackenzie Bezos own 78.8 million shares of Amazon, good for a 16.05% stake in the company.
Read more »
Jeff Bezos Keeping 75% of Couple’s Amazon Stock in Divorce, All Voting RightsMacKenzie Bezos said on Twitter she will keep 25% of the couple’s Amazon stock and give up any interest in the Washington Post or space-transportation firm Blue Origin, as she dissolves her marriage with Jeff Bezos.
Read more »
Jeff Bezos reaches divorce settlement, keeps 75 percent of couple's Amazon sharesThe powerful business executive and MacKenzie Bezos made separate announcements on Twitter.
Read more »
Removing Turkey from F-35 jet's supply chain could slow work on 75 jets: Navy officerIf Turkey were removed from the F-35 jet supply chain amid a dispute with the Un...
Read more »
Kitty Tucker, antinuclear activist who brought national attention to Silkwood case, dies at 75She organized a high-profile lawsuit in the case of nuclear power whistleblower Karen Silkwood.
Read more »
Jet Airways lenders lay out bid terms for 75 percent stake in airlineProspective bidders of struggling Jet Airways Ltd need to settle the airline&03...
Read more »
75 percent of Americans are winging it when it comes to their financial futureWhen it comes to managing their money, most people are content on their own. That could backfire. investinyou (In partnership with acorns.)
Read more »
Jeff Bezos to keep 75% of couple's Amazon stock after finalizing divorceMacKenzie Bezos announces on Twitter that she and Jeff Bezos have completed the process of dissolving their marriage.
Read more »
Assaults against elderly men in the US up 75%, study findsThe rate of nonfatal assaults on American men 60 and older increased 75.4% between 2002 and 2016, a new government report estimates. For women, the assault rate increased 35.4% between 2007 and 2016.
Read more »
Jeff Bezos to Keep 75% of Amazon Stock He Held With Ex-WifeAmazon CEO Jeff Bezos and his wife Mackenzie Bezos have finalized their divorce.Per CNBC, MacKenzie Bezos’ Amazon shares will be worth $35.6 billion.In her first tweet Thursday morning on her newly created account, MacKenzie Bezos said she was “grateful to have finished the process of dissolving” their
Read more »
Jeff Bezos to keep 75 percent of couple's Amazon stock after finalizing divorceMacKenzie Bezos shared on Twitter Thursday that her and ex-husband Jeff Bezos completed the process of dissolving their marriage.
Read more »