The Hawk's Eye

Stores Going out of Business

Sydney Lee, Reporter

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What isn’t there to like about online shopping? It’s easy, there’s usually a better selection than in store, and you can always return your item if you don’t like it.  These three reasons among others were responsible for the closure of over 6,000 stores last year, and this year doesn’t seem to be looking any better.  Online shopping has slowly begun to replace in-store shopping, and it was especially evident in 2017 when it was revealed that store closures were 200% more than in 2016.

According to Forbes, the desires of the consumers has also drastically impacted the status of stores.  In the past, people wanted products that were commercial, prestigious, global, and generic. However, millenials and Gen Z consumers are now looking for products that are authentic, eco-friendly, artisanal, and locally sourced.  This poses a problem for many companies as store closure marks the beginning of company failure, but as companies move to online platforms, it seems that this could change.

A company that skyrocketed in popularity was Amazon. It offers free two day shipping and free returns, and it is beginning to pave the way for a new shopping experience.  Consumers are able to order anything ranging from phones to clothes to household items to groceries, and it all has one easy checkout.  The variety of items that consumers are able to get from one place saves time that some people aren’t willing to sacrifice for shopping, and it also endangers companies that specialize in one category.

Barnes and Nobles is an example of a store that is suffering because of Amazon. With the rising popularity of ebooks, the need for physical books is decreasing.  Amazon’s easy system and accessibility are causing the company to suffer, and last year, Amazon stores replaced almost every Barnes and Nobles store.  Considering how Amazon also bought Whole Foods last year, it appears that Amazon is slowly taking over.

 

Some other stores that are suffering are:

 

Radio Shack

JC Penney

Macy’s

Abercrombie & Fitch

Barnes and Nobles

Guess

Gamestop

CVS

Sears

K Mart

J.Crew

Staples

The Limited

Gap

Ann Taylor

TJMaxx

Costco

Home Depot

 

https://www.cnbc.com/2017/12/26/store-closures-rocked-retail-in-2017-and-more-should-come-next-year.html

https://www.forbes.com/sites/richardkestenbaum/2017/04/07/why-so-many-stores-are-closing-now/#34e6bf2c4159

https://qz.com/943870/amazon-amzn-will-replace-nearly-every-bookstore-barnes-noble-bks-closes-in-2017/

 

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