STORES continue to close locations as a "retail apocalypse" devastates brick-and-mortar businesses and some US favorites have announced they are shuttering locations.
Beloved retailers like Talbots, Banana Republic, and Abercrombie & Fitch are the latest to shut up some of their stores starting this Monday.
Rhode Island shoppers should prepare for a Talbots location inside the Providence Place mall to shut down next week.
A spokesperson for the American fashion brand said the closure was "mutually agreed upon" but declined to make any further comments, Providence Business News reported.
Luckily, the brand still has three other locations in the state and hundreds more across the US.
Meanwhile, a Banana Republic in Kentwood, Michigan, is set to close next week as well.
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"Though we are sad to say goodbye to Banana Republic we are excited to continue diversifying the retail mix and investing in ways to create a premium shopping experience at Woodland Mall,” said a spokesperson for Woodland Mall where the store is closing, according to MLIVE.
“We are optimistic about the future and view this as an exciting opportunity to welcome a new face to our dynamic lineup of retailers.”
The store was open for nearly two decades but has closed a part of its parent company Gap's major decision to shut down roughly 350 Gap and Banana Republic locations in Fall 2020.
Beloved brand Abercrombie & Fitch is also succumbing to the pressures that physical stores are facing.
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Several locations are shutting down in the state of Ohio, the company confirmed to The Enquirer.
The retailer blamed a "significant downturn in business and a resulting corporate-wide reorganization" for the closure.
The date that these stores will close is unclear at this time.
It comes as the end of 2022 and the beginning of 2023 have seen mass closings from multiple retailers.
Physical stores are facing a serious crisis as consumers are choosing e-commerce over going into an actual location.
Retailers had to close 9,300 stores in 2019, a direct result of consumer preference shifting to online shopping.
Stay-at-home mandates in the early part of 2020 expanded the trend.
Second, customers are spending less in an inflationary market.
Mid-tier brands continue to succumb to inventory gluts and not enough consumers that want their products.
Macy's notably detailed a plan to close over 120 of its physical locations this year.
Bosses announced in 2020 that 125 stores across the country would shut their doors over three years.
Jeff Gennette told the NRF’s Big Show event: “When you think about the Macy’s portfolio of stores, up until two and a half years ago, we were only on-mall, and we had been closing underproductive stores.”
He revealed that 170 stores have been "dropped" since 2016.
Gennette added: "We are in the final stretch of that."
Bed Bath & Beyond has also been facing a debt crisis and is in the process of closing 150 stores in the US by the end of March.
Kohl's and Nordstrom are also expected to do the same.
Meanwhile, stores like Lowe's are shutting down locations to the public, but are pivoting to fulfillment centers in order to fill same-day or next-day online orders.
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However, dollar stores like Dollar Tree, Dollar General, and Family Dollar are allegedly benefiting from this.
The U.S. Sun has the full list of stores reportedly hit by the "retail apocalypse" in 2023.
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