Department store giants Kohl's and Macy's are closing nearly 100 stores across the US due to underperformance, reflecting a broader trend of retail store closures nationwide. Experts attribute this decline to the rise of online shopping and changing consumer preferences.
Department store giants Kohl's and Macy's have announced upcoming store closures due to underperformance.Kohl's is set to close 27 stores across the U.S. in 2025, with Macy's set to close 66 stores.Why It MattersKohl's and Macy's aren't the only retailers shuttering stores. There's been an uptick in retail store closures nationwide, with over 7,000 store closures in 2024—about a 57% increase from 2023, Quartz reported.
I expect these retailers to introduce services and options that shoppers cannot enjoy online.'Martin Qiu, an associate professor of marketing at Wilfrid Laurier University in Ontario, Canada, told Newsweek: 'Big picture: Department stores as a major retail format have been around for more than a century. They experience a life cycle like anything in the world...
RETAIL STORE CLOSURES ONLINE SHOPPING CONSUMERS DEPARTMENT STORES
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