Economic woes, competition from online stores, and retail crime are altering the retail landscape. Big Box stores, inflation, and pro-crime policies are the biggest problems for the beloved brick-and-mortar stores.
Rite Aid closed hundreds of stores amid its Chapter 11 bankruptcy proceedings. It is now shuttering an additional 85 stores, primarily in Ohio and Michigan. In total, Rite Aid has closed 434 stores.
Rite Aid isn’t alone in this downsizing trend. CVS made waves in 2021 with its announcement to close 900 stores over three years, aligning with market shifts and demographic changes. Similarly, Walgreens has closed many stores, citing profitability challenges and overlapping store locations.
Looting a conenience store in Memphis, Tennessee:
Huge group of black people loot a convenience store in Memphis, Tennessee.
I wonder why so many stores are permanently closing in these neighbourhoods. pic.twitter.com/GnMfAnoHnR
— iamyesyouareno (@iamyesyouareno) November 14, 2023
The shelves of CVS in Columbia Heights (in DC) have been empty for over a year.
Street vendors a few inches away from this CVS store openly resell the stolen items at cheaper rates.
CVS just announced that this location is permanently closing next month.
On this same block in… pic.twitter.com/GoZTe4nDj7
— End Wokeness (@EndWokeness) January 24, 2024
Discount stores are also going down. The 99 Cents Only chain, renowned for its low prices, faces dire straits. In April, it filed for Chapter 11 bankruptcy and plans to liquidate all stores across Arizona, California, Nevada, and Texas.
The 99 Cents stores laid off 14,000 employees.
Somehow, the unemployment rate stays low – a miracle – or does it?
The govt data on the unemployment rate is being massively manipulated since Covid.
There are millions of people who have exited the workforce. Various methodologies put the actual unemployment rate almost double the govt reported numbers. https://t.co/4UO03cxCPU
— Wall Street Silver (@WallStreetSilv) May 3, 2024
People will not likely be satisfied with online shopping taking over beloved brick-and-mortar stores. It might be too late when they realize what they’ve lost.
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