Several retail stores, ranging from groceries to apparel, have announced store closures in August. Given the impact the online marketplace has had on consumers’ buying habits, many stores have been forced to reconsider the number of live stores they operate. As per research from real estate services firm Green Street Advisors, almost 25 percent of America's largest shopping malls are anticipated to close by 2027.
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Harris Teeter
As per Newsweek, Harris Teeter's previous announcement stated that the store located at 3600 S. Glebe Rd., Suite W100, Arlington, Virginia, 22202, will be shut down by August 4.
Kroger
Parent company to Harris Teeter, Kroger had earlier announced that it had plans to shut down 60 stores over the next 18 months. According to local station WCHS, the Gassaway, West Virginia, store is scheduled to close its doors in August.
"Our commitment to driving growth in our core business and moving with speed positions us well for the future," Kroger chairman and CEO Ron Sargent said regarding first-quarter results, as reported by Newsweek. “We are confident in our ability to build on our momentum, deliver value for customers, invest in associates, and generate attractive returns for shareholders.”
Nordstorm
{{/usCountry}}"Our commitment to driving growth in our core business and moving with speed positions us well for the future," Kroger chairman and CEO Ron Sargent said regarding first-quarter results, as reported by Newsweek. “We are confident in our ability to build on our momentum, deliver value for customers, invest in associates, and generate attractive returns for shareholders.”
Nordstorm
{{/usCountry}}Nordstrom is set to close down two of its stores this month: the Saint Louis Galleria Nordstrom store in St. Louis, Missouri, on August 24, and the store in Santa Monica, California, on August 26.
"We believe we'll be best able to serve customers in each region by leveraging our surrounding stores and through our digital channels," a Nordstrom spokesperson told Newsweek in a statement. “Decisions like this are never easy, and we understand the impact they have on our team members.”
Explaining the reason behind frequent store closures, Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek, “Efficiency is what is triggering most of these store closures and industry changes. Major retailers are taking a hard look at underperforming locations and making decisions on whether to restructure their operations or close them, and for some, closure is the more fiscally sound decision.”
Shoppers must brace themselves for more store closings shortly.
(With contribution from Stuti Gupta.)