More Than 700 Department Stores Have Closed Since 2013
You aren’t imaging things if you think a ton of department stores have shuttered in the last three years. According to a research report RBC Capital Markets released on Wednesday, Kohl’s, Macy’s (which also owns the upscale Bloomingdale’s chain), J.C. Penney, Dillard’s, and Sears (which also owns Kmart) have closed a total of 700 stores since 2013. That’s almost 20% of those chains’ store count. The closings are meant to shed poor locations; compete with Amazon; and help companies manage the migration of their own business online. Macy’s, which is grappling with its worst slump since the Great Recession, announced last month it would close 100 more stores after the holiday season to make way for incoming CEO Jeff Gennette. When he takes the reins in February, Gennette will try to repair the iconic, diminished chain. The company, which is the result of the amalgamation of many regional chains in 2005, has struggled with its fair share of decrepit stores—but it chose to close locations in one fell swoop as opposed to just a few stores at a time. In Kohl’s case, the drop has been modest: the retailer closed 18 of its 1,150+ plus stores. But with its comparable sales on the decline after a brief turnaround, it wouldn’t be surprising to see the company shutter more locations if it doesn’t enjoy a decent holiday season. Read more at Fortune.
