MAJOR retailers, including Aldi, Walmart, and Bed Bath & Beyond, have shut down store locations across the country as a "retail apocalypse" hits.
The term "retail apocalypse" was coined by Dennis Dick, a trader at Las Vegas-based Bright Trading LLC, to describe the decline of major stores.
Dick told Reuters: "This is a little bit of a retail apocalypse," when talking about the 25 percent fall in Walmart's quarterly profit back in May 2022.
"It was Walmart and everybody thought it was a one-off."
"Now that Target missed earnings [by] a lot more than Walmart even did, they're scared that the consumer is not as strong as everybody thinks," said Dick.
Walmart has since bounced back with a 16 percent year-over-year online sales growth and global advertising revenue has grown over 30 percent, according to Walmart's FY 2023 Q3 earnings release.
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WALMART CLOSINGS
While Walmart may be up in online sales growth, multiple physical stores have closed down.
The list of store locations that have closed so far includes:
- Boston Post Road location in Guilford, Connecticut
- Howell Mill Road location in Atlanta, Georgia
- Raggard Road location in Louisville, Kentucky
- Waterworks Shopping Center location in Pittsburgh, Pennsylvania
- Lincolnwood location in Chicago, Illinois
- Plainfield location in Chicago, Illinois
Walmart's San Mateo Boulevard SE location in Albuquerque, New Mexico, and the Homewood location in Chicago, Illinois, will close on March 10.
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Shuttered stores had issues such as fires and poor financial performance.
ALDI STORE CLOSINGS
Aldi, known for its stores that are small in size, but full of great deals on groceries, also shut their doors in big cities like Chicago and Minneapolis.
In June 2022, an Aldi location in the Auburn Gresham neighborhood in Chicago, Illinois, shut down.
The company's decision to close the Auburn Gresham location was "based on several factors, including repeated burglaries and declining sales," an Aldi spokesperson said.
More recently, Aldis closed its doors in the Jordan neighborhood of Minneapolis, Minnesota.
On February 12, the store location shuttered because of unforeseen structural issues relating to Aldi's expansion plans.
An Aldi spokesperson said that the store is closing “due to the inability to renovate the store to accommodate our larger product range and our current lease term expiring.”
BED BATH & BEYOND CLOSINGS
Hundreds of Bed Bath & Beyond store locations have closed as the company fights to avoid bankruptcy in the United States.
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Locations that have shuttered include stores in these US cities:
- Mobile, Daphne, Montgomery, and Opelika in Alabama
- Hot Springs, Arkansas
- Chandler and Mesa in Arizona
- Beaumont, Carlsbad, Chico, Culver City, Downey, Elk Grove, Folsom, Glendora, Hawthorne, Palm Desert, San Diego, San Francisco, San Marcos, San Luis Obispo, Santa Ana, Upland, Yorba Linda, Vacaville, and Visalia in California
- Dillion, Glenwood Springs, Grand Junction, and Loveland in Colorado
- Enfield, Fairfield, Guilford, Manchester, Norwalk, Southington, and Wethersfield in Connecticut
- Apopka, Boca Raton, Boynton Beach, Brandon, Delray Beach, Hialeah, Jacksonville (two stores), Lardo, Orlando, Royal Palm Beach, and West Melbourne in Florida
- Atlanta, Brunswick, Canton, Cumming, Duluth, and Gainesville in Georgia
- Boise and Moscow in Idaho
- Chicago Ridge, Crystal Lake, Forest Park, Geneva, Kildeer, Normal, Peoria, Springfield, and Wilmette in Illinois
- Bloomington, Fort Wayne, LaFayette, and Noblesville in Indiana
- Cedar Rapids, Davenport, and Sioux City in Iowa
- Topeka, Shawnee, and Wichita in Kansas
- Louisville, Kentucky
- Houma, Lake Charles, Monroe, and Shreveport in Louisiana
- Brunswick, Maine
- Annapolis, Germantown, Hagerstown, Ocean City, and Westminster in Maryland
- Burlington, Dedham, Hadley, Hudson, Leominster, North Attleboro, North Dartmouth, Pittsfield, and Raynham in Massachusetts
- Flint, Holland, Saginaw, Troy, and Westland in Michigan
- Bloomington, Minnetonka, Rochester, and Roseville in Minnesota
- Tupelo, Mississippi
- Columbia, Independence, Joplin, Kansas City, Lee's Summit, and St. Louis (two stores) in Missouri
- Helena, Montana
- Grand Island and Las Vegas in Nevada
- Amherst and Plaistow in New Hampshire
- Bridgewater, Elizabeth, Flemington, Kinnelon, Marlton, Mays Landing, Manahawkin, Matawan, Mount Laurel, North Brunswick, Paramus, Ramsey, and Watchung in New Jersey
- Las Cruces, New Mexico
- Amherst, Bohemia, Brooklyn (2), DeWitt, East Elmhurst, Elmsford, Newburgh, New Hyde Park, New York (3), Poughkeepsie, Saratoga Springs, Victor, and West Babylon in New York
- Burlington, Gastonia, Greenville, Hickory, and Raleigh in North Carolina
- Bismarck, North Dakota
- Brooklyn, Columbus, Fairlawn, Mentor, and Upper Arlington in Ohio
- Norman and Tulsa in Oklahoma
- Corvallis and Medford in Oregon
- Bethel Park, King of Prussia, Mechanicsburg, Monroeville, North Wales, Pittsburgh, and Wyomissing in Pennsylvania
- Aiken, Bristol, Columbia, and Spartanburg in South Carolina
- Hermitage, Jackson, Madison, and Memphis in Tennessee
- Beaumont, El Paso, Lewisville, Mansfield, Pasadena, Pearland, Plano, Sherman, Temple, Victoria, and Weatherford in Texas
- Park City, Utah
- Alexandria, Chesapeake, Dulles, Fairfax, Harrisonburg, Roanoke, and Springfield in Virginia
- Bellingham, Issaquah, Kennewick, Vancouver, and Walla Walla in Washington
- Morgantown, West Virginia
- Grand Chute, Madison, and Wausau in Wisconsin
- Casper and Cheyenne in Wyoming
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