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US: Stores closings - road to hell
  • 92 Replies sorted by
  • Walmart is notorious overexpander. They flood the market with too many stores. Walmart closing stores will allow other companies to come in a fill the void. IMO the US is primed for success as soon as the politicians get out of the way. They've been purposely applying breaks to the economy the last 6 years. There is IMMENSE financial potential here. Don't believe the hype.

  • @Aria How have the politicians applied the brakes to the US economy?

  • They've been purposely applying breaks to the economy the last 6 years. There is IMMENSE financial potential here. Don't believe the hype.

    Well, such idealist position can be partially true in some absolute personal dictatorship and upon shorter range of time and smaller scope.

    In capitalists fake democracy you have capital who dictates (this is called bourgeoisie dictatorship in science) politics. So, your statement is same as blaming horses for actions of coachman.

  • @matt_gh2, @Vitaliy_Kiselev, this political environment is highly unusual in that there are many NORMAL actions that the government has in the past taken, which for political reasons they haven't been taking, in the last 6 years.

    Like infrastructure investment in every facet of society. They haven't been doing any of the things that in the past they would do to spur growth and development. Roads, Bridges, High Speed Rail, Power Grid upgrades, Airports, Sea Ports, just to name a few things that would make the country more competitive as well as create jobs and boost the economy.

    In addition to unnecessary things Congress has done to actually hurt the economy like Sequester or threatening to default on the debt etc. Better Tax policy so that all that money our Corporations are holding on to could be of better use than just sitting on the sidelines. There is GREAT economic potential here that hasn't been put to use. Some can take a pessimistic view but in reality there is a lot that could be done and hasn't been done.

  • More complete list

    • Wal-Mart is closing 269 stores, including 154 inside the United States.
    • K-Mart is closing down more than two dozen stores over the next several months.
    • J.C. Penney will be permanently shutting down 47 more stores after closing a total of 40 stores in 2015.
    • Macy’s has decided that it needs to shutter 36 stores and lay off approximately 2,500 employees.
    • The Gap is in the process of closing 175 stores in North America.
    • Aeropostale is in the process of closing 84 stores all across America.
    • Finish Line has announced that 150 stores will be shutting down over the next few years.
    • Sears has shut down about 600 stores over the past year or so, but sales at the stores that remain open continue to fall precipitously.
    • Sears lost 580 million dollars in the fourth quarter of 2015 alone, and they are scheduled to close at least 50 more “unprofitable stores” by the end of this year.
    • It is being reported that Sports Authority will file for bankruptcy in March. Some news reports have indicated that around 200 stores may close, but at this point it is not known how many of their 450 stores will be able to stay open.
    • For decades, Kohl’s has been growing aggressively, but now it plans to shutter 18 stores in 2016.
    • Target has just finished closing 13 stores in the United States.
    • Best Buy closed 30 stores last year, and it says that more store closings are likely in the months to come.
    • Office Depot plans to close a total of 400 stores by the end of 2016.
  • Going down still

    • Macy’s will be closing about 100 stores.
    • Another 150 Sears and Kmart stores are shutting down
    • The Limited is immediately closing all stores nationwide.
    • Sports Authority closed all 460 location, out of business
    • PacSun, Aeropostale and American Apparel filed for bancrupcy
  • Black-Eyed Pea is gone.

  • 102 of the 154 Walmart stores closing were the mini-Walmart Express outlets. Smaller stores, less product selection, higher prices. What could go wrong?! Target also opened mini-Targets, like the one in Chicago's Streeterville area near Magnificent Mile. Same problem. Limited selection, higher prices. Usually you waste your time looking for what you want, then end up going to a bigger Target to get it!

    http://time.com/money/4182681/walmarts-express-stores-close/

    https://consumerist.com/2016/10/04/target-rethinking-everything-for-new-mini-stores-aimed-at-millennials/

  • Walmart is going to cut another 1000 workplaces to concentrate on Internet sales, almost all of them are located in centers and not shops.

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  • Universal income.

  • Universal income.

    Universal income ideas are universal indicator of capitalism issues :-) Won't work.

  • Why won't it work? What's the alternative then? Starvation? Please elaborate

  • Why won't it work? What's the alternative then? Starvation? Please elaborate

    Change of social organization. :-)

    Universal income ideas in one picture

    image

  • Universal income could just provide a baseline of support. So people can eat and get shelter. They can still open companies or invent magic beans and become rich.

  • Universal income could just provide a baseline of support. So people can eat and get shelter. They can still open companies or invent magic beans and become rich.

    Universal income sole purpose is to do something with lot of people capitalists do not need but can't kill. Universal income idea is not made and proposed by suffering people, but by ruling class. It is just an idea for now, as I put the picture - carrot before your nose, so people can dream that their problems can be solved with such approach. Such approach also reflects dream of ruling class to turn people they do not need into badly educated and drug addicted mass without any interest besides food and sex, something that is safe for them. Why this thing won't work? Simple. Capitalists do things only in two cases - if it brings them profits or if they are afraid too much to lose everything. It won't bring profits, so only second case remains. For now they are quite calm, they see troubled future, but calm for now. Hence mostly media massaging of your brains to induce some hormones. In case of trouble this measure won't solve anything - it is intended only time of fast and progressive development, times of small number of people who will use it, and it won't be the case.

  • Thanks. Interesting comments.

  • The scary thing is these capitalist types are celebritized. People worship Trump and are literally equating him to Jesus. It doesn't matter how stupid or uninformed or ugly a person is, if you have tons of money, many people are willing to genuflect on that basis alone. Puzzling.

  • The scary thing is these capitalist types are celebritized. People worship Trump and are literally equating him to Jesus.

    Actually it is good. As people do not have anything rational behind it, only hopes and myths spread by ruling class. Such things can change in a instant.

  • I like that, "Change in an instant".

  • Over the past six years the number of US retailers on the lowest and distressed tier of its rating spectrum has tripled, Moody's Investors Service says in a new report. Not since the 2008-09 recession has the percentage been so high, and the rising tide coincides with an increasing number of such companies across all industries.

    "Moody's-rated US retailers rated Caa or Ca today make up just over 13% of our total rated retail portfolio, which is the highest level since the Great Recession, when this group comprised 16% of the portfolio," said Moody's Vice President Charlie O'Shea. "And the increase comes at the same time as the broader universe of Caa rated companies is likewise growing."

    https://www.moodys.com/research/Moodys-Number-of-distressed-US-retailers-triples-since-the-Great--PR_362722

  • Good article you need to check

    40 years ago, Bob Khoury and Warren Steinberg started selling used photo equipment out of a showcase in an Atlanta, Georgia, flea market. Soon they moved to a brick and mortar store which, to incorporate their earlier experience, they called Showcase. The store grew to be the largest in Atlanta and sold photo and video equipment to amateurs and professionals alike and last year they celebrated their 40th anniversary.

    Showcase’s demographic was aging, better cameras on smartphones were eating into the digital camera market, less customers were coming into the shop and even those that came were often showrooming. The word “showrooming” gets underlined in red by my Microsoft Word spellcheck, so I go to Merriam-Webster but it is not there either. However, showrooming has become a legitimate word in the last few years and Wikipedia defines it as the practice of examining merchandise in a traditional brick and mortar retail store and then buying it online, sometimes at a lower price. Here they were not just examining the merchandise but getting the input and advice of the experienced staff to figure out which model was the most suited for them, holding it in their hand, picking on their knowledge, using their time… and then buying online.

    And it is interesting illustration on how capitalism kills environment by not being unable to go for common good.

    “One of the main reasons — and I in no way want to come across as a victim — is the manufacturers, and I lay a lot about it on the manufacturers, who have been cutting my margins for years and fixing Minimum Advertised Pricing to the point where it’s very difficult to make any money in this business,” says Khoury. “My margins have fallen 5% over the past eight years. To give you an idea, the minimum advertised price on Canon lenses is 5%; we make 5% on Canon lenses. Others are 10%, but even that’s not enough to sustain the business.”

    “The margins have been cut so low on our major products and then the manufacturer say, well the reason you know we’re doing this is that it drives business to your store. Fine, but if somebody comes in and buys a lens that I make 5% on and if they pay me with an American Express card I have to give American Express over 3% of that. Where are my margins? I have no margins.”

    And this is how big business and monopolies literally squeeze out every dollar from small guys and later they throw out them in the dump. This is how capitalism laws work.

    https://petapixel.com/2017/03/02/another-big-camera-store-fails-many-closing/

  • I am a part owner of a small manufacturing business. Our biggest customers (mostly Fortune 500 companies) extend their payment terms more and more. Now they tell us to "remain competitive" they must pay us in 90 to 120 days AFTER they get our products. Our suppliers of the raw materials demand payment in 30-45 days. When we try and raise prices to offset the long payment terms, our big customers refuse and try and source the product elsewhere. This goes on and on... Why do they REALLY do this? Because it makes the big company's cash flow better and more attractive to "shareholders". That in turn raises the stock price. Then the CEO makes even more money! It is pushing companies like mine out of business. We can't afford to stay in business with our customers treating us like this.

  • We can't afford to stay in business with our customers treating us like this.

    Unfortunately that you see is normal, it is how system works And it works such in more and more degree as big capitalists no longer have such big fear that set some limits in the past.

    Absolutely same happens in retail where huge chains can pay 120 days after getting product, they also lot of other payments and have horrible terms where they can fine you under almost any pretext.