Two retailers set to close next week with liquidation sales in effect - see if your area is affected
TWO retailers will shutter next week as shoppers take advantage of last minute closing sales.
Brick-and-mortar stores across the retail sector have been closing left and right as more consumers turn to online shopping.
1 Both H&M and Banana Republic are closing stores this month Credit: Getty
Fashion retailers have struggled to keep up with the changing trends at the same time shoppers are reeling in their discretionary spending amid high inflation.
H&M and Banana Republic are feeling the impacts in particular, with both chains scheduled to close some of their stores in the weeks to come.
A Banana Republic store will say goodbye to shoppers in Syracuse, New York on May 24, according to Syracuse.com.
The outlet was a staple in the Destiny USA shopping mall, which is visited by around 26million people annually.
H&M is also shuttering down its store in Rochester, Minnesota officially on June 3.
Both companies have not disclosed the reasons behind the pending closures.
"Assessing and reviewing our store portfolio to adapt to changing customer behavior is something that we have done ever since we opened our first store," a company spokesperson told The U.S. Sun.
"While physical stores will always remain important to us and something we continue to invest in, having the right stores in the right locations is vital to ensure our long-term and sustainable growth."
The one silver lining to the upcoming store closures is that liquidation sales are now in effect.
That means items will be priced down until all the inventory is cleared out.
A LARGER PROBLEM
Many chains have opted to take their stores out of shopping malls and operate individual building units instead.
A Nordstrom store at San Francisco’s Westfield Mall is also set to shut down by the end of August.
The company told its employees that the business’s dynamic “changed dramatically,” according to the ABC affiliate KGO.
Foot traffic remains low, and it no longer makes sense to renew the lease, according to officials.
Rising retail theft has also hurt the stores’ bottom lines, as Whole Foods Market's flagship store in the city also closed in April due to concerns over retail crime and shopper safety.
Nationally, Bed Bath & Beyond announced plans to shutter nearly 400 stores after filing for bankruptcy.
All 360 locations, as well as 120 Buy Buy Baby stores, are set to shut down by June 30 unless the company can find a buyer in the coming weeks.
Beloved discount chain Tuesday Morning is also shutting down hundreds of stores months after filing for bankruptcy.
Tuesday Morning said its business would need to be restructured to tackle its “exceedingly burdensome debt.”
It only operates 480 units despite having 700 stores in existence just three years ago.
Walmart closed 10 stores during the month of April alone, indicating dark times ahead for national chains and independent retailers alike.
Target also announced it would be closing down four stores that couldn’t keep up with the chain’s financial expectations.
The areas affected include:
College Park, Maryland
Minneapolis, Minnesota
Philadelphia, Pennsylvania
Falls Church, Virginia
Two electronics stores have also been the victims of the current retail ice age.
Meanwhile, a famous sporting goods retailer will be saying goodbye to shoppers after 40 years of operations.
Source: The US Sun
