10 Retail Stores in Danger of Closures and More In 2020
10 The online shopping revolution has hurt retail Stores in Danger: As unfortunate as it is, many retail stores around the country. Amazon’s dominance has impacted the industry where many old standbys are falling apart. Some places are also failing due to people not spending as much money as they used to. This look at ten stores that are in danger of harm in 2020 includes many prominent companies.
Pier 1 Imports
The home décor shop Pier 1 Imports has lost more than $100 million in the past year, and sales are down by 10 percent. The company may close about 20 percent of its stores if it cannot recover.
The Ascena group owns the Lane Bryant, Ann Taylor, and Loft brands. These have been closing stores around the country in recent times, and they are expected to close even more locations soon.
Destination Maternity has been unable to sell as many products as it used to. This is due to many women not being interested in having kids, not to mention more stores having maternity sections of their own. Destination Maternity lost more than 10 percent of its revenue this past year.
Much has been made of Sears’ struggles to stay afloat, but J.C. Penney may be at risk as well. The company has an annual interest expense of $300 million. The company has been working with financial advisors in recent months to try and stave off bankruptcy.
Other bargain shopping stores are taking more of the market share from Family Dollar. This caused Family Dollar to close nearly 400 stores in the past year.
Gap has been in trouble lately, as the fashion retailer has not been meeting sales goals. The company spun off its Old Navy brand into a separate company in the hopes of getting more money.
The infant and toddler clothing store Gymboree has struggled due to added competition from many other retailers. Gymboree closed more than 800 stores in recent times, and there’s a chance that the company may close down everything else soon.
TransWorld is the parent company of FYE, the music, and the entertainment store. But the rise of digital media and the death of physical media have made it to where Trans World might struggle. FYE has dramatically shifted its product offerings to include pop culture items as a result.
It used to be that Victoria’s Secret was the hottest place for intimate apparel and lingerie. But Victoria’s Secret has struggled due to competition, thus causing more than fifty stores to close in the past year. More stores may shut down in the future.
LifeWay Christian Stores
All of the physical LifeWay Christian Stores locations have closed down, but the company is still active online. Whether or not the physical store customers will flock to LifeWay’s website is unclear, especially if people aren’t sure about what’s around.