The International Council of Shopping Centers predicts 5,770 store closings this year, which would mark a year-over-year of 25 percent. Included in the group will be: Starbucks, Foot Locker, Pacific Sunwear, Ann Taylor and Zales, which plan to close more than 1,200 store locations, combined. Other retailers, not planning closures, are scaling back on expansion and delaying new [...]
The underperforming stores to be shuttered in the next sixty days include: three in Wisconsin, two in Ohio, two in New Jersey, two in Indiana and one each in Kentucky, Louisiana, Minnesota, North Dakota, New York and Vermont. This is the first time the world’s largest home improvement retailer will close one of its flagship stores for [...]
Same-store sales for the holiday period rang in at 3% over last year, instead of 4% as expected, and chains across retail categories are putting on the brakes — cutting back on inventory, cancelling new store openings and preparing for leaner times. Making the missed forecast worse is the fact that much of this year’s increase in spending [...]