There is a wave of store closure going on in the U.S. due to a combination of factors like the rise in inflation and also the advancement of technology, which is affecting most business models as buyers’ persona have changed and people are now embracing shopping online compared to walking into a physical store.
In a new development based on the current economic trend, dozens of retailer shops have taken a hit, and they are set to close down before the end of the month as there has been a continuous decline in the profit margin and the stores are struggling to stay afloat.
Which retailer shops are affected?
The affected retailer stores and restaurants include Walmart, Best Buy, Walgreens, CVS, TGI Fridays, GameStop, Sears, Boston Market, Foot Locker and Pizza Hut. Target has also announced that they will be closing some of their outlets over the coming weeks due to management concerns rather than economic reasons.
The department stores have linked their recent plans to close their stores to the surge in crime rate, which has become alarming due to the high rates of store vandalism in the USA. Target reiterated that they are committed to the safety of their employees and their customers, hence the need to take such measures.
Target has published the location of their stores that are closing down
Target’s management has done their due diligence by identifying hot zones where the safety of their stores is threatened. The identified locations for the nine Target stores up for closure include a store in New York, two stores in Washington, three stores in Oregon, and three stores in California.
Although Target’s customers are not receptive to the recent news on the outlet closure, Target has reassured them of their commitment to serving them better, and they still have close to 2000 outlets opened across the U.S.