Ascena Retail Group announced earlier this week that it will close all of its 650 Dressbarn stores . This disclosure brings the total number of retail store closing across the country to 7,000 for the year.
The news follows a word of store closings along with massive layoffs on part of other retailers whose brands have become a part of America’s lexicon: The Gap, Sears, Pier 1 Imports and Victoria’s Secret, just to name a few. The ripple effect of these closings is being felt across the country now as malls continue to close and retail jobs evaporate.
Giant shopping centers are scrambling to find alternative tenants and are attempting to turn vacant storefronts into fitness centers and startup incubators.
Consumers may grouse about the loss of once familiar retailers but ultimately it is those same consumers who share in the blame. The U.S. Commerce Dept. reported that last month, “online sales narrowly beat general merchandise stores in February, including department stores, super-centers and warehouse clubs. Besides “general merchandise” there are many other categories of brick-and-mortar stores and they still dominate the retail world.
Online shopping will be taking an increasingly bigger bite out of the traditional retailers. And that trend does not show any sign of slowing down any time soon.
