advertisement
January 6, 2017

Recent spate of store closings could be new norm

Online shopping trends and consumers' shift from brick-and-mortar stores could cause more pain for big retailers.

The Wall Street Journal reported that closures by Macy's, Sears and others are symbolic of a larger shift away from old-line retail.

On Wednesday, Sears Holdings Inc. announced that it will close 150 unprofitable stores, including a Kmart location in Bangor and a Sears store in Augusta, while Macy's said it will close 68 stores, including a Bangor location.

Macy's and Kohl's reported disappointing holiday sales.

Consumers have been trained to expect discounts and they're happy to shift loyalties to Amazon and other online services.

"The continuing transition to e-commerce and away from physical stores will remain a source of pain for the entire industry for the foreseeable future," the Journal reported. "Closures mean ceding sales to competitors and much of the savings from doing so need to be plowed back into improving online operations to compete with the likes of Amazon.com."

Comments

Type your comment here:

Sign up now to get statewide business news each day with the Daily Report

 
Today's Daily Report
Today's Poll How would you rate Obama's presidency in terms of improving the economy?<>
ADVERTISEMENTS
Most Popular on Facebook