Updated August 12: Macy’s ups the store closing totals to 100, siting a consolidation would fulfill a better experience. As a result, Macy’s stock experienced the biggest single day gain for the company since 2008 with an increase of 17% in price share.
2016 Store Closings Continue to Mount
The deeper we get into the year, the more store closings get announced at a rate of more than 2,200 for just the big guys–that’s a lot of retail ghost towns in our neighborhoods. And these aren’t just from retailers that are struggling to get butts in stores. Case in point, Target, who is seeing somewhat of an in-store resurgence of late, will also close stores this year (close to a dozen reported by multiple sources).
While some store closings are inevitable and make complete sense as locations change demographically, this year is reflecting an even bigger shift in consumer behavior as the “smart” shopper grows rapidly. March shoppers will be marketed to more than ever during this year’s March Madness sales events (see What to Buy in March).
Staples is the most recent retailer to announce closings of 50 locations on the heels of Sports Authority bankruptcy and 140 location shut-downs. Kohl’s will shutter 18 stores, Sears (Kmart) 27, Macy’s comes in at 40 (plus staff cuts at its HQ) and kingpin Walmart is boarding up all Walmart Express stores and 16 supercenters.
Add that Best Buy recently announced they’ll be unplugging its online marketplace (and pre-owned/refurb outlet cowbboom.com has been redirected to Best Buy outlet) and pursue other product sourcing methods. For now, Amazon and jet.com win again.
2016 Store Closings
Here’s the short list thus far (see full list courtesy of RetailIndustry):
- Walmart will close over 150 US locations (more globally), including:
+100 Walmart Express Stores
12 Walmart Supercenters
23 Walmart Neighborhood Markets
4 Sam’s Clubs
- Office Depot / Office Max will close 400 stores by 2016
- Barnes & Noble will close 10 stores this year, 223 stores thru 2023
- Children’s Place will close 200 stores by 2017
- Walgreens will close 200 stores thru
- Aeropostale will close 175 stores in the next few years, 154 by June 2016
- American Eagle Outfitters will close 154 stores (through 2017)
- Mens Warehouse will close 150 stores
(up to 90 Jos. A. Bank, 58 outlet stores and 110 Mens Warehouse Tux stores)
- Finish Line will close 150 stores this year
- Sports Authority will close 140 stores this year
- Sears / Kmart will close 138 stores
- Chico’s will close 120 stores thru 2017
- Pier One will close 60 stores by Feb 2016, 100 stores thru 2017
- Hancock Fabrics will close 70 stores
- Golf Galaxy will close 54 stores by 2016
- Ralph Lauren will close up to 50 stores in 2016
- Sports Chalet will close 47 stores in 2016
- Macy’s will close 36 stores in 2016, with total exceeding 100 in 2017
- Gap / Gap Kids will close 35 stores in 2016
- Kohl’s will close 18 stores (June 2016)
- JCPenney will close 7 stores in 2016