The shopping landscape has changed in the recent decade. The “Retail Apocalypse” began in 2010 and since then many North American retail stores have struggled to stay above water. Over 12,000 physical stores are gone. Here are some of the companies that couldn’t survive the catastrophe.
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9. Family Dollar
In 2015, Dollar Tree bought the Family Dollar chain for $8.5 million, which. Last year, Dollar Tree already axed 120 locations. As of now, 390 more Family Dollar locations will close, and 200 more will be converted into Dollar Tree stores. The thousand remaining stores are scheduled for renovations and will include alcohol sections and Dollar Tree merchandise. Some people believe that Dollar Tree should have never bought Family Dollar because the two companies were too different. However, Dollar Tree earned nearly $22 billion last year, so maybe something’s going right.
8. The Children’s Place
Where are parents of small children going to buy clothes now that Gymboree and The Children’s Place are going out of business? The retailer plans to close 300 stores by 2020. So far, they have about 100 more to go before they reach that goal. Currently, they have 988 locations, though they began their downsizing initiative back in 2013. Luckily, The Children’s Place isn’t in deep water when it comes to losing sales. If anything, their sales are steady, but they still want to cut costs to remain profitable.
Chico’s used to rule the market when it came to selling clothes to the middle-aged women. Chico’s also owns similar brands like Soma and White House Black Market, which have also seen a decrease in sales. At the start of January 2019, Chico’s said they were closing 250 stores in the next three years. They explained they wanted to have a more prominent presence online and do away with the more out-dated aspects of the brand.
6. J. Crew
Preppy fashions have seen a dip in popularity in the past decade. If you look back to the 2000s, a preppy clothing brand like J. Crew was at the top of the profit charts. Now? Not so much. J. Crew has closed six stores throughout the US for 2019. That doesn’t seem like a huge loss, but they already shuttered 50 stores last year. J. Crew’s CEO Jim Brett stepped down in 2018, and now four new executives are trying to lead J. Crew back to the top. At least the J.Crew-owned brand, Madewell, is still trending.
5. Ascena Retail Group
Ascena Retail Group owns brands like Lane Bryant, Ann Taylor, and Justice. These places adhere to different demographics of females, yet Ascena can’t seem to make their business work as well as they want. They own almost 5,000 apparel stores in the US, making it one of the most spread-out companies on this list. In 2017, the retail group planned to close up to 667 stores for the next 2 years. As of now, Ascena closed 31 stores and is on track to close more.
4. Charlotte Russe
Charlotte Russe is like Forever21 but not as well-received. This fast-fashion chain was founded in the 70s. As of March, they will liquidate all of their stores. Earlier this year, Charlotte Russe filed for bankruptcy and only wanted to close 94 of its 512 stores. Their strategy was to use bankruptcy as a way to eliminate their debts and hope another company would buy them to stay in business. However, liquidating company, SB360 Capital Partners won Charlotte Russe in a bankruptcy court auction for $160 million and prompted for the company to shut down.
Remember the days when shopping at Gap was all the rage? However, the youth is now opting for more affordable, on-trend stores like H&M and Forever 21. The Gap is closing their stores little by little and in the next two years have the intent to close up to 230. It’s third-quarter earnings report showed profits declining at 7%. On January 20, 2019, they shuttered their New York flagship store.
2. Payless ShoeSource
Payless served as a supplier of trendy footwear that was reasonably priced. They were famous for their BOGO (buy one, get one) deals, which allowed you to bring home two pairs of shoes for the price of one or one and a half. We must bid Payless goodbye since they could not compete with cheaper online stores. In the past couple of years, Payless has gradually been shuttering stores. In February, they said they were going to close the 2,100 remaining locations in the US and Puerto Rico.