Many physical retail stores are facing difficulties and shutting down on a daily basis. There are different types of businesses, some are local or regional, while others are national chains. These businesses may be doing well in one area but struggling in another.
These stores are closing for various reasons. Shopping online has become much easier for people. It is appealing to be able to make a purchase with just a few clicks and have it delivered to your doorstep within a few days.
People are not spending as much money. Or they might be, but the money doesn’t have as much purchasing power due to high inflation. Lastly, some places are shutting down because there is a lot of theft happening. Some stores in specific locations may be closing down.
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What Types of Retail Stores Are Going Strong?
There are still some stores that are doing well. There are some grocery stores that are doing really well, like Aldi, which is growing quickly. However, not all grocery stores are experiencing the same situation. HyVee, for example, has recently closed down some of its locations.
The others refer to the large home improvement stores that are in the form of big box stores. While not all Home Depot/Lowes stores are doing great, the majority of them are showing a profit. These are things that people either need right away or want to physically experience.
Iowa Stores That Could Be Closed Soon
At the moment, these stores are closing some of their locations and will continue to close more in 2024.
Best Buy
Do you remember when we used to go to Best Buy and look through the CDs? I discovered a lot of random CDs at Best Buy in the past. They would receive unexpected European versions of singles. This is so random… and so awesome.
Currently, there are no CDs available. We do not have any DVDs or Blu-Rays available. They have televisions, computers, and phones and are attempting to rival home improvement stores in selling appliances.
It’s nice to see and touch a TV or computer before buying it, but consider the size of Best Buy. They don’t require a large amount of space. The cost of the store is not balanced with what they are selling.
Dollar Tree/Family Dollar
Once again, you might expect these kinds of stores to be doing well. These days, everyone is searching for a good deal. Why are they closing 600-1000 stores all across the country? As reported by CBS News:
“The retailer’s family of brands has struggled as inflation impacts its low-income shoppers’ wallets. More incidences of shoplifting are also hurting its bottom line, the retailer has said.”
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Macy’s
Perhaps Macy’s should consider reducing their spending on the parade. Macy’s is facing difficulties because the mall anchor store is witnessing the closure of malls all over the country. The company is going to shut down approximately 150 stores across the country.
Walmart
Initially, this statement is confusing. They sell groceries and they are one of the cheapest places, if not the cheapest, for pretty much everything. Why are they closing stores?
The importance of location cannot be overstated. Refer to point 3 mentioned earlier. The company is growing in certain areas, but some stores are experiencing theft and have decided to stop serving the community from those locations.
Walgreens
We are witnessing this happen firsthand as the Walgreens in our neighborhood, which is located just down the street from the radio station in Davenport, is closing. And there is another one with it. By August 2024, Walgreens plans to close 150 of its locations.
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