We’ve all known that the retail world is changing rapidly, but that went into overdrive as 2017 started.
From a report on NPR in April: “Nine U.S. chains have filed for Chapter 11 bankruptcy protection. Store closures are accelerating, and almost 90,000 retail workers have lost their jobs since October.”
Yet there isn’t a consumer confidence issue, since unemployment is low and spending continues. In fact, the most consumer spending is yet to come this year: Nearly $800 billion will be spent during winter holidays, while back-to-school accounts for $83.6 billion.
And all of the activity isn’t closing. Some retailers are expanding their presence in new markets.
Meanwhile, Amazon profits are soaring, while it continues to build new distribution centers across the U.S. That remains an indicator of the shift to online sales, which in turn is forcing retailers and shopping center owners to confront any flaws in their business operations – because, if they don’t, their vulnerability will escalate as more and more shoppers hit the stores starting this fall.
This is the latest compilation of store openings and closings, representing spring and summer through July. Many places in Michigan will see additional store changes – feel free to add…