A bit of a dystopian article at FOX News - not at all surprised though:
Retail Apocalypse: 24 big retailers closing stores
Some of the United States’ most prominent retailers are shuttering stores in recent months amid sagging sales in the troubled sector.
The rise of ecommerce outlets like Amazon (NASDAQ:AMZN) has made it harder for traditional retailers to attract customers to their stores and forced companies to change their sales strategies. Many companies have turned to sales promotions and increased digital efforts to lure shoppers while shutting down brick-and-mortar locations.
And their list (just a few excerpted from the list of 24):
- Abercrombie & Fitch
- American Apparel
- Bon-Ton Stores Inc.
- CVS
- J. Crew
- J.C. Penney
No surprises there except for CVS. A&F has been sliding downhill ever since they tossed out the basic ideas implemented 125 years ago by David T. Abercrombie and Ezra Fitch when the store filed for bankruptcy in 1976. The new incarnation has been selling crappy overpriced clothing to peolpe who do not know any better and they are paying the price for it.
Too many business are trying to suceed by following market trends. Funny thing - if you offer a high quality product at a fair price, the world will beat its way to your doorstep. Witness stores like Zappos, Amazon, Costco, Nordstrom, etc...
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