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Practically everything I buy (with the exception of groceries) can really only be found online. Can't say I have been in a department store in years other than Walmart for cheap motor oil.
That said the local mall with it's focus on high end boutique shops is doing quite well. The place is pretty busy all the time and on weekends it's very crowded. The other mall which is lower end is struggling. Nothing but empty shops and walking through it is like watching one of Dan Bell's dead mall videos on YouTube. It's a shame because I remember as a kid how bustling it used to be.
Recently I have been reading out one big/branded store shutting down everyday. Macy's planned to shut down 68 of it's store, read something about Sears and Kmart too. The Limited filed a bankruptcy and is shutting down across the country. Aeropostale filed bankruptcy too last year.
Is it just me thinking about us hitting the recession again this year/next or is anyone else getting this thought too. I was searching on google and found many articles predicting for this year.
Not exactly. People buy more and more stuff online nowadays, much of what you can't even find in local brick/mortar stores.
Retail has been on a long term downward spiral for quite awhile now. Online competition isn't helping their disposition.
I don't take the recent layoffs and store closings as a sign of another recession. I see it as a wake up call that reality happens. Industries downsize, consolidate, often until there is some major shakeup. And I can't picture one in the near to mid term future. More store closings and layoffs are an inevitability I'm afraid.
But what happens to all these employees who get laid off? If retail is on a downward spiral where are they to go? Sure some can get into other fields or maybe they have some sort of a cushion to fall back on while they go for continuing education but most people are in retail aren't doing it for the love of the job. It's usually a minimum wage type job in most cases.
I'm afraid all these lay-offs are going to cause another recession when we have barely recuperated from the last one.
the push for higher minimum wage, the retail jobs that employ the low income workers close shop... hows that higher minimum wage working out while in the unemployed line?
the higher minimum wage sticks around during the crash unless law is ammended. means it gets harder to hire people during economic hard times as well. better job "gig" jobs like uber stick sround, thats the future "employment" option after pricing the low skilled out of the workforce. harder for small businesses to start to since it requires higher starting costs and requires quicker time to become profitable
Retail's woes have nothing to do with minimum wage Mod cut.. Retail is suffering because it's getting crushed by online sales, particularly Amazon. 30% of retail growth last year was accounted by Amazone ALONE.
Last edited by PJSaturn; 01-09-2017 at 07:32 AM..
Reason: Personal attack.
Practically everything I buy (with the exception of groceries) can really only be found online. Can't say I have been in a department store in years other than Walmart for cheap motor oil.
That said the local mall with it's focus on high end boutique shops is doing quite well. The place is pretty busy all the time and on weekends it's very crowded. The other mall which is lower end is struggling. Nothing but empty shops and walking through it is like watching one of Dan Bell's dead mall videos on YouTube. It's a shame because I remember as a kid how bustling it used to be.
You should see one of our outlet malls here in SW Florida. I made the mistake of going the day after Christmas and you couldn't even find a parking spot. This particular outlet mall is always packed, mostly with tourists from other countries looking for a bargain. I haven't been to the only indoor mall in my area in years as it has become rather seedy in both its appearance and clientele.
You should see one of our outlet malls here in SW Florida. I made the mistake of going the day after Christmas and you couldn't even find a parking spot. This particular outlet mall is always packed, mostly with tourists from other countries looking for a bargain. I haven't been to the only indoor mall in my area in years as it has become rather seedy in both its appearance and clientele.
This is another good rebuttal to the OP. Old school retailers like sears are suffering. In addition to online, consumer tastes are moving towards outlets for the perception of value.
All of the above are valid, but add to that the trend of higher minimum wages hurting them, and in some markets, extremely high commercial lease rates and lack of available retail space. Here for example, retailers lose their leases, and the retail buildings are demolished for high rise apartments or offices, some with expensive retail on street level. Our nearest JC Penney closed not because of poor sales, the mall landlord refused to request their lease, opting for a new 365 (by Whole Foods) market, more parking, and a couple of high end restaurants.
The land owner makes more money having 100 apartments than they do 20 stores. The mall you're talking about with JC Penney and Whole Foods was probably revamping it's self into a lifestyle center. They jacked the rent up and JC Penney said no. JCP has been hurting for years. I don't expect them to be around much longer either.
Recently I have been reading out one big/branded store shutting down everyday. Macy's planned to shut down 68 of it's store, read something about Sears and Kmart too. The Limited filed a bankruptcy and is shutting down across the country. Aeropostale filed bankruptcy too last year.
Is it just me thinking about us hitting the recession again this year/next or is anyone else getting this thought too. I was searching on google and found many articles predicting for this year.
Macy's announced last summer that they would be closing 100 stores. They've been closing stores here and there for several years. Nothing new there. They had far too many stores. They bought out loads of their competition which lead to the need to close stores. Off the top of my head they bought Marshall Fields, Jordan Marsh, and Filene's. I believe there are others as well.
These retailers have struggled for YEARS. Many of them are in debt up to their eyeballs. They haven't changed with the times. They are stuck in 1992....some even have clothes that look they've had since 1983.
This has nothing to do with a recession. Circuit City went bankrupt in good times! They were building new stores right when they went bankrupt. They built one in Auburn, NY. I don't think it was even open a month before they started the going out of business sale. That building has been a few crap stores since then...but nothing has stuck in it.....it's like it's cursed!
Recently I have been reading out one big/branded store shutting down everyday. Macy's planned to shut down 68 of it's store, read something about Sears and Kmart too. The Limited filed a bankruptcy and is shutting down across the country. Aeropostale filed bankruptcy too last year.
Is it just me thinking about us hitting the recession again this year/next or is anyone else getting this thought too. I was searching on google and found many articles predicting for this year.
As an example. I wanted one of those "Pour Over" cofefemakers. But I wanted the 10 cup, not the 6 cup. No one is carrying the larger one. So, I went online. I'd have happily paid 20% MORE to have had it THAT day. But since I couldn't find one, I bought online. That's why retail is suffering.
They cannot maintain a huge inventory to satisfy the "Odd customer" instead of focusing on the "average" one, but they are getting fewer and fewer...
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