Walmart is shuttering four stores in Chicago, halving its locations in one of the biggest U.S. cities and adding to a growing list of closures in urban areas.
Walmart attributed the closures in Chicago to a lack of profitability — the stores there have collectively lost money every yearThe stores being closed “lose tens of millions of dollars a year, and their annual losses nearly doubled in just the last five years,” the company said in a
Retailers are assessing performance on a store-by-store basis to see which ones are profitable and gauge their growth prospects, said Neil Saunders, the managing director of the analytics company GlobalData. He expects this to continue through the rest of the year.“I think the general message is that in this very tight environment, we can no longer carry dead wood and we have to chuck it overboard,” Saunders added.
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