2017 was a tough year for retailers, and things aren’t looking much better for 2018.
Retail analysts say there are a number of well known stores that have already filed for bankruptcy, are planning to or are liquidating. Some of the biggest include Sears, Toys “R” Us and JC Penney, all seeing loss of customers and sales. Toys “R” Us is trying to turn things around by turning stores into interactive destinations but analysts say it might be too little too late. Other stores in danger of shutting down include those found in malls such as Claires, Charming Charlie and Nine West.
Right now it looks like their strategy is to downsize but analysts say that won’t be enough. They say with fewer people going to malls in general these stores are not getting enough foot traffic. And since they have specific items such as shoes and accessories, people already have their favorite go-to spots for those types of items.
Analysts say for all brick and mortar stores the enemy is the internet and the ease of shopping from your couch.
About Brian
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
