Many physical retail stores are facing difficulties and shutting down on a daily basis. There are different types of businesses, some operate locally or regionally, 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 are, but the money doesn’t go as far due to high inflation.
Lastly, some places are shutting down because of a high level of crime. The company can sell these items online without much risk of theft. Here are 5 stores in Wisconsin that people might start seeing less of soon.
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What Types of Retail Stores Are Going Strong?
There are still some stores that are doing well. Grocery stores are doing really well, especially with the rapid expansion of places like Aldi. Although they still have to handle economic issues and crime, buying groceries online is more challenging.
The others refer to the big box home improvement stores. While not all Home Depot/Lowes stores are doing great, most of them are showing a profit. These are things that people either need right away or want to physically experience.
Wisconsin 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 the times when we used to go to Best Buy and look for CDs? I discovered a large number of miscellaneous CDs at Best Buy stores in Eau Claire and Madison. They would receive unexpected European versions of singles. This is so random…and so amazing.
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 by selling appliances.
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 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 anchor store in malls is witnessing the decline 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 for pretty much everything, if not the cheapest. Why are they closing stores?
The most important factor is the location. 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 very close to the radio station, is closing. And there is another one with it. By August of 2024, Walgreens plans to close 150 of its locations.
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