Storch Advisors CEO and former Toys”R”Us and Target executive Gerald Storch reacts to a strong November retail report and explains how industry winners are ‘value-based’ players.
It’s been a rough year for some of the nation’s best known retailers and restaurants, some of which once marked the fabric of local communities and are now shutting their doors or shrinking their footprints.
This year, store closures in the U.S. outnumber openings, something not seen in 2023 or 2022, according to CRE Daily.
This comes after 2023 saw more than 4,000 stores announce closure plans, two times higher than the prior year, according to analysis by the Daily on Retail, an investor-oriented consumer research platform, cited by the National Retail Federation.
FOX Business has a rundown of the domino effect hitting U.S. retailers and casual dining shops.
DISORGANIZATION: It won’t be a Merry Christmas for The Container Store, which filed for Chapter 11 protection on Sunday. However, the retailer is offering a glimmer of hope for organization fanatics … continue reading here.
PARTY’S OVER: That’s a wrap for Party City. The one-stop retailer for anyone planning a bash is calling it quits after 40 years in business … continue reading here.
MACY’S MALISE: Macy’s, once a marquee department store, said it will close more stores than initially planned … continue reading here. This as an activist investor pounds the table on how the retailer can save itself … continue reading here. Check shares of Macy’s here.
WALGREENS: The drugstore chain filed for Chapter 11 bankruptcy last month. Now the company is stepping up the number of store closures, which could be around 500 … continue reading here. Check Walgreens shares here.
CVS SHAKE-UP: The pharmacy and health care chain forced out its CEO this year … continue reading here. The move followed plans to cut 2,900 jobs … continue reading here and plans to cut a total of 900 stores by year-end 2024. Check CVS shares here.
SLURPEE SLUMP: 7-Eleven is having trouble competing. Despite being home to the iconic Slurpee beverage, it plans to close hundreds of underperforming shops … continue reading here.
BIG LOTS: The discount retailer filed for Chapter 11 bankruptcy last month. Now the company is stepping up the number of store closures, which could be around 500 … continue reading here. It started its “Going Out of Business” sales in December … continue reading here.
SHRIMP FAILURE: Red Lobster’s endless shrimp deal eventually sunk the seafood chain, which filed for bankruptcy. Now, the new CEO is mulling how to keep the brand afloat with new ideas … continue reading here.
UNHAPPY HOUR: TGI Friday’s, once a familiar face in malls and airports, has been shuttering locations in the U.S. and the U.K. … continue reading here.
HOME IMPROVEMENT HIT: LL Flooring, born out of the former Lumber Liquidators, is calling its quits … continue reading here. Additionally, furniture and home goods staple Conn’s is shuttering 70 stores across 13 states … continue reading here.
BYE-BYE: Bob’s Stores is throwing in the towel and closing all of its nearly two-dozen locations and going out with a bang of big sales … continue reading here.
STOP & SHOP: Once a dominant grocer in the Northeast, the chain is now closing 32 stores by early November* … continue reading here.
JOANN’S: After 81 years, the seller of fabric and crafts is filing for Chapter 11 bankruptcy protection with its future hanging in the balance … continue reading here.
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* This was originally published on 10/20/24.