[ad_1]
FOX NEWS – The apocalypse of the retail trade is alive and well this week. Large chains such as Gap, JCPenney, Victoria's Secret and Foot Locker have all announced massive closings, totaling the death of more than 465 stores in the past 48 hours.
The four companies announced their fourth quarter results this week during the critical vacation period. Three of them (Gap, JCPenney and Victoria's Secret) have announced a drop in their sales per store, while Foot Locker has recorded growth that has more than doubled expectations.
Despite everything, despite the good news. Foot Locker announced Friday its intention to close about 165 stores across the country, during its call to investors.
This occurs less than 24 hours after Gap announced the closure of 230 of its eponymous stores over the next two years, after a 7% drop in the brand's same-store sales during the quarter. vacation. She also announced that she would separate her sister company Old Navy into a publicly traded company and create a new company to house the remaining brands.
To top it off, earlier today, JCPenney announced plans to close 18 of its department stores this year, including the three already announced in January.
In addition, she announced her intention to close nine of her furniture and furniture stores to coincide with her previous announcement to discontinue the sale of wholesale accessories and furniture in all of her stores by the end of the month from February.
However, Bob Phibbs, CEO of the New York-based retail firm The Retail Doctor, thinks that JCPenney will be forced to announce further closures to come.
"It's amazing to see JC Penney think they still have time to lose and that there is no real plan. The closure of 18 stores is barely a drop in the bucket of more than 850 JC Penney stores. If it was a big and bold effort to revitalize the brand, then they would have announced that they were closing hundreds of stores and investing in a great experience on their other sites, "Phibbs told FOX Business.
He added that JCPenney had "still desperately needed" an inspiring vision for its brand as more and more customers head to Target, Walmart and Amazon.
Finally, Victoria's Secret L Brands also announced Wednesday night that its sales in comparable stores had dropped 3% during the holidays and that it is expected to close 53 stores this year.
According to a report by Business Insider, these ads will bring more than 4,500 store closures this year.
READ MORE @ FOX NEWS
[ad_2]
Source link