Although strip malls and shopping malls used to reign supreme, stores are finding it harder and harder to keep their doors open. Customers just aren’t coming in to brick-and-mortar shops like they used to.
For some businesses, this can mean closing storefronts and focusing on online stores, while others try closing most locations while they restructure. Of course, some stores just don’t survive.
With a rash of retail store closings and bankruptcies over the last few years, it’s left many wondering which stores will close next. Is your favorite store closing next?
Tech giant Microsoft announced that it is permanently closing its 83 Microsoft store retail locations, as the company concentrates on digital retail moving forward. They spent several years expanding their in-person retail presence in an effort to mimic Apple’s shopping experience, but I guess it didn’t work out how they planned.
The locations in New York City, London, Sydney, and Redmond will be “reimagined” as experience centers that no longer sell products. Customers will have to visit Microsoft’s online store for support, sales, training, and more.
Remember being a kid and having a nice sit-down family dinner in a Pizza Hut? I guess people don’t really do that anymore because only around 10 percent of the chain’s sales come from dine-in customers. That’s why Pizza Hut has decided to focus on improving its carryout and delivery businesses and decided to close nearly 500 dine-in restaurants.
On top of that, Pizza Hut’s largest franchisee, NPC International, filed for Chapter 11 bankruptcy in July 2020. NPC operates more than 1,200 Pizza Huts, plus 400 Wendy’s restaurants. While they don’t plan on shutting those locations yet, it does mean they could be at risk for closures.
After years of falling sales and struggling to stay afloat, Pier 1 first planned to close 450 stores, which is about half of their total store count.
Although they filed for bankruptcy and attempted to find a buyer after that, the home furnishings and decor retailer didn’t fare so well. They finally threw in the towel after another dismal year, and permanently closed all remaining retail locations.
Gamestop is planning to close up shop! Or, at least 320 or so locations. That’s not exactly a small amount! But in case you were wondering, CFO Jim Bell assures us all that this is part of the company’s “de-densification plan,” and is not related to sales.
However, a quick glance at Gamestop’s fiscal reports shows that the company has been struggling for years. The company closed 320 stores the year before, as well.
I guess America’s about to be running on a little less Dunkin’. The chain shuttered approximately 800 U.S. locations by the end of 2020. Over half of those closures weren’t free-standing stores, though. They were cafes located inside Speedway and Hess gas stations. It looks like the company might permanently close around 350 locations outside of the U.S., as well.