The Retail Apocalypse

[Johnny Au]

Lowe's is closing 34 'underperforming' stores in Canada, including 26 Ronas

The stores, which include Lowe’s, RONA, and Reno-Depot brands, will close in January and February of 2020

November 20, 2019 9:34 AM EST

Lowe's is closing 34 'underperforming' stores in Canada, including 26 Ronas

The stores, which include Lowe’s, RONA, and Reno-Depot brands, will close in January and February of 2020

business.financialpost.com

View attachment 215965

Apparently, Lowe's Place in Etobicoke may need to be renamed to whichever business is the new tenant.

 

[SunriseChampion]

Apparently, Lowe's Place in Etobicoke may need to be renamed to whichever business is the new tenant.

Kinda like how No Frills Lane used to be Loblaws Lane. Same ownership though, innit.

(Scarborough, at Eglinton/Danforth)

 

[Admiral Beez]

Apparently, Lowe's Place in Etobicoke may need to be renamed to whichever business is the new tenant.

My guess is the place is torn down and rezoned residential. 401 and Islington needs housing, not big box hardware. Though the placement of Etobicoke North Go Station and otherwise TTC is not ideal to serve this as a new residential area.

 

[ShonTron]

My guess is the place is torn down and rezoned residential. 401 and Islington needs housing, not big box hardware. Though the placement of Etobicoke North Go Station and otherwise TTC is not ideal to serve this as a new residential area.

Etobicoke North Station will likely disappear. Resources Road is not a great site for anything, including the former Health laboratories (which moved to MaRS). Though that didn't stop that awful townhouse development on the old WSIB site on Torbarrie Road (which has similar isolation to just about everything, including transit).

 

[AlbertC]

Couple articles about the Yanks:

7 major store closure announcements from 2019 and why they matter

After a lull in 2018, retail shutterings accelerated this year. Bankruptcy liquidations were a major factor, but so were relatively healthy retailers paring their footprints.

www.retaildive.com

Will Macy's close more stores?

After a disappointing quarter dragged down by locations in lower-tier malls, CEO Jeff Gennette said the company will look hard at that fleet.

www.retaildive.com

 

[AlbertC]

The Gap Inc. breakup is on despite Old Navy woes

Daphne Howland
Nov. 22, 2019

Dive Brief:

• The separation of Old Navy from Gap Inc. is still on, though it will come later in the year than previously planned, interim CEO Robert Fisher said on Thursday, per a Seeking Alpha conference call transcript. The company in a press release also reported that overall net sales fell 2% year over year to $4 billion.
• Overall comparable sales fell 4% from a flat result a year ago, the company said. By brand: Old Navy comps fell 4% (from a 4% rise last year); Gap comps fell 7% (as they did a year ago); and Banana Republic comps fell 3% (after rising 2% a year ago).
• Net income in the quarter fell to $140 million from $266 million a year ago. Gross profit decreased 4% year over year to $1.56 billion, as gross margin contracted by 70 basis points from last year to 39%.

The Gap Inc. breakup is on despite Old Navy woes

Many analysts were taken aback by the doubling down on plans for a spinoff, and some say it's a worrisome distraction.

www.retaildive.com

 

[AlbertC]

Retail apocalypse: Nearly 9,100 store closings have been announced in 2019

Kelly Tyko, USA TODAY
November 25, 2019, 7:12 PM EST

Retail apocalypse: Nearly 9,100 store closings have been announced in 2019

So far in 2019, nearly 9,100 stores are slated to close and more closings are expected in 2020. Is your favorite store closing locations?

finance.yahoo.com

 

[AlbertC]

Bentley Leathers Announces Restructuring and Store Closures

November 28, 2019

Bentley Leathers Announces Restructuring and Store Closures

Following last month’s announcement of a brand turnaround, the Canadian retail chain is attempting to maintain its operations following substantial financial losses.

www.retail-insider.com

 

[AlbertC]

While in the States:

A.C. Moore to exit retail business, shutter more than 100 stores

Dive Brief:

• The owner of crafts retailer A.C. Moore, Nicole Crafts, on Monday said it is leaving the retail business, with plans to close most locations. The privately held retailer in a press release said that it stopped accepting online orders as of Monday, but would ship previously placed orders.
• Rival Michaels "will assume leases for up to 40 store locations and a lease on an east coast distribution facility plus purchase intellectual property," according to the release. Those stores will reopen under the Michael's banner, the company said.
• A.C. Moore runs more than 145 stores and has offices and distribution centers in Berlin, New Jersey (its headquarters); Chicago; Moorestown, New Jersey; and Ningbo, China. The company said it would provide more details on store closures in coming weeks.

A.C. Moore to exit retail business, shutter more than 100 stores

Two years ago the crafts retailer was expanding on and offline, but has now ceased all e-commerce and said rival Michael's will take over up to 40 stores.

www.retaildive.com

 

[AlbertC]

Destination Maternity bidder would close its remaining stores

Dive Brief:

• Destination Maternity has a stalking horse bid worth $50 million from brand owner Marquee Brands ahead of the retailer's Chapter 11 auction, expected to take place Dec. 9, according to a press release and court papers.
• Under the bid, Destination Maternity's remaining 235 stores, i.e. those that aren't part of its current downsizing in bankruptcy, would close. Hilco Merchant Resources and Gordon Brothers Retail Partners are joint venture partners on the bid with Marquee, which owns the BCBG and Martha Stewart brands among others.
• Marquee would take over the maternity apparel retailer's e-commerce business, intellectual property, strategic marketing partnerships, leased departments inside department stores and specialty baby stores. The stalking horse bid, if approved by the judge overseeing Destination Maternity's Chapter 11 case, would set a baseline for the company's asset auction.

Marquee Brand's $50M bid for Destination Maternity prevails after canceled auction

The licensing specialist's plan for the apparel retailer would close its remaining 235 locations.

www.retaildive.com

 

[JasonParis]

FYI...
Target plans to open a store in New York’s Times Square in 2022

 

[Johnny Au]

One of the main causes of small businesses (and even some larger businesses) going defunct is "showrooming."

https://www.cbc.ca/news/canada/nova-scotia/showrooming-hurting-local-retailers-says-small-business-group-1.5409334

 

[AlbertC]

Pier 1 to close up to 450 locations

Pier 1 on Monday announced it is looking to reduce its corporate expenses, which includes "a reduction in corporate headcount." The retailer also announced it will close up to 450 locations, nearly half of its 942 stores, and "certain distribution centers," according to a company press release. Pier 1 said it has enlisted a third-party liquidator to assist in the process.

Pier 1 to close up to 450 locations

The decision to reduce its footprint by nearly half follows a report the retailer is cutting corporate staff by 40% and has drafted a bankruptcy plan.

www.retaildive.com

Macy's says it will close 29 stores

Macy's says it will close 29 stores

While its holiday sales decline wasn't as steep as feared, the department store is once again reducing its fleet.

www.retaildive.com

 

[officedweller]

Macy's says it will close 29 stores

Macy's says it will close 29 stores

While its holiday sales decline wasn't as steep as feared, the department store is once again reducing its fleet.

www.retaildive.com

Good to see this:

A year ago, Macy's embarked on the store segmentation strategy a spokesperson referred to on Wednesday, which entails flagships (including its Herald Square, New York location), magnet stores (dubbed "Growth 150") and neighborhood stores — each with its own customer base, level of investment and potential.

Macy's says it will close 29 stores

While its holiday sales decline wasn't as steep as feared, the department store is once again reducing its fleet.

www.retaildive.com

Department stores need to realize they can't apply a cookie cutter model to all markets (especially a high end model).

 

[AlbertC]

Things Engraved fires retail employees at stores across Canada

TORONTO -- A Canadian retailer that specializes in engraved gifts suddenly fired all of its store associates and most head office employees on Thursday, giving them less than 24 hours' notice and leaving customers with newly-engraved items in the lurch.

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According to its website, Things Engraved has 73 locations at malls across Canada. It’s unclear how many employees were fired.

In letters sent to store associates and head office employees obtained by CTVNews.ca, CEO Shawn Brock wrote that they were being terminated immediately “as a result of financial difficulties over the last few years.”

He added that the company will work to “potentially re-organize and/or invigorate the business with new capital.” Brock thanked employees for their hard work and said he wished them well, adding that they would be paid severance.

Things Engraved fires retail employees at stores across Canada

A Canadian retailer that specializes in engraved gifts suddenly fired all of its store associates and most head office employees on Thursday, giving them less than 24 hours' notice and leaving customers with newly-engraved items in the lurch.

www.ctvnews.ca