The traditional retail industry is suffering due to businesses going virtual and many deciding to shut shop due to high overheads and lower profits. The economy is in shambles and many popular brands have gone kaput.
In this article, we’ll have a look at some top stores and branches that will no longer be there in 2020. If you love any of them, then now is the chance to shop.
Let’s get started:
#1 Henri Bendel
Henri Bendel is number one on our list because this brand has already gone kaput. It was once one of America’s most popular fashion names but it couldn’t sustain due to increased competition.
The brand had 23 stores in the US and online sales were also decent with its Fifth Avenue store being one of the largest. However, the company shut shop in 2019 as the owner decided to concentrate on sister companies.
Henri Bendel will always be remembered for being the first US brand to have its own fashion show and fragrance.
#2 Forever 21
Don’t be scared, we know you love Forever 21 for is low prices and amazing quality. But, the company has been in shambles for a while. It recently applied for bankruptcy in order to restructure the brand that has been struggling financially for a while.
The company intends to close some branches in Europe and Asia, where sales have fallen dramatically. However, it isn’t going out of the business as it continues to do fairly well in the US. One of the representatives announced plans to concentrate more on business in Mexico, Latin America, and the US in the next few years.
Shopko had been struggling for a while and only a few branches were left in 2019 that too shut shop in June when the company decided to file for bankruptcy in the first quarter of 2019.
To its credit, the company tried its best to stay afloat. There were rumors of the owners trying to strike a deal with investors. It even offered special discounts to attract more customers but nothing happened and now Shopko is no more existent due to competition from online stores like Amazon.
If you live in the US then you must have gone to a Kmart branch at least once in your life, but get ready for some changes as the brand is planning to shut down some of its US branches.
The company shut over 100 branches in 2018 and the trend continued throughout 2019. The brand only has 360 stores left throughout the country.
Back in the day, Kmart’s only competitors were Walmart and Target, but due to the success of Amazon and other online stores, it quickly lost customers and is dying an early death.
We still love shoes but it looks like we have found better sellers since Payless is going to shut shop. The company filed for bankruptcy last year and decided to close all its 2,500 stores. This sudden decision left many of its loyal buyers surprised.
The brand held liquidation sales throughout the country causing a frenzy. According to the company, poor supply chain and delays from suppliers were the main reasons why it failed. This example shows why it is important to be careful about the people you work with.
Tesla was one of the most talked-about companies in 2019 mainly due to Elon Musk managing to be in the news due to his plans to reach the space and introduce the car of the future.
However, all these big dreams come at a cost. The company recently announced plans to concentrate more on online sales and shut down many of its smaller stores that are spread throughout the country.
The company will keep some stores to showcase products that buyers will be able to purchase online.
#7 Christopher & Banks
Christopher & Banks is quite unique as it is one of the few fashion stores that mainly targets women over the age of 40. Hence, it comes as a surprise that a name so unique is struggling to pay its employees.
According to rumors, the company is having a difficult time in managing physical stores, which is why it has decided to close about 10% of its stores to concentrate more on online sales.
Problems started to appear in 2018 when the company faces a loss of about $9 million. The makers hope that this new move will help turn the tables.
Francesca’s is a brand that declined to change and now it has no option but to bite the dust. CEO Steve Lawrence took some major steps in 2019 to attract more footfalls but to no avail. These included special 50% discounts and other such offers.
According to critics, failing to improve marketing tactics and produce design is what caused the downfall of this 20-year-old brand. It shut about 20 stores in 2019 and more are expected to follow in 2020 as sales have declined to improve.
CVS makes for a great case study since the company is still doing pretty well overall but it found that stores in some states were not doing as well as stores in other states.
The store decided it is best to close branches that were struggling and concentrate on thriving branches to earn more profit. As a result, it shut down 46 branches in 2019, including its biggest store in Springfield, Missouri.
But, there is no need to worry since it still has more than 9,600 operational branches throughout the country.
#10 Family Dollar
When we talk about affordable stores, we usually think of Family Dollar. There are few brands that offer reliable products including furniture for as low as $1.
Despite its unique concept, the company announced to shut all of its 390 stores in 2019. This may leave some buyers very unhappy since there are no substitutes for this incredible brand. However, the good thing is that the brand is rumored to be back under a different name but the same concept.
There is no update yet on how the company will handle this change.
#11 Abercrombie & Fitch
Abercrombie & Fitch is a name that needs no introduction. Celebs love it and songs have been written about it hence seeing this brand here may come as a surprise to some. But, the truth is that this brand, like many others, is struggling due to growing competition and higher prices.
The company announced plans to close 40 of its stores in an attempt to uplift the image. It intends to relaunch these brands with a different look to cater to more buyers. So, expect some great results from this incredible company.
It is obvious that fashion and clothing stores appear to be facing a tough time. This is because local brands are now growing thanks to the internet and are able to give competition to bigger markets. Plus, imports are increasing and foreign brands are finding a foothold in markets that were earlier untouched.
This is why Dressbarn, which was once one of the fastest-growing brands in the niche, is having a difficult time retaining customers. It’s gradually closing all its 650 stores while preparing employees to shift to different companies.
#13 Charlotte Russe
There was a time when Charlotte Russe was the first choice for people who wanted to buy affordable branded dresses. However, soon cheaper and more affordable brands started to pop up and Charlotte Russe lost its charm.
This resulted in a fall in sales and the company had no option but to file for bankruptcy in the first quarter of 2019. It went on to close all 500 branches leaving some loyal buyers disheartened.
Unlike most other stores explained above, this one is not going to concentrate on online sales as it has ceased business completely.
Wherever you go in the US, you will see a Gap store. Its sweatshirts and sweaters are still incredibly popular but things are expected to change as the company recently announced plans to close about half of its stores in the country.
It will be left with a little over 200 stores. This is part of a big plan as the owners intend to concentrate on sister companies like Banana Republic, Hill City, and Intermix as well by breaking Old Navy away from these less popular names.
#15 Party City
This public traded company is quite controversial and has been facing a bad situation for a while. It has been struggling to keep pace for a while and had to close about a dozen stores in 2018. Last year came as a surprise when it announced to close more than 40 stores due to falling sales.
While there are fewer stores than ever, the company appears to have found a footing and may grow more in the next few years thanks to improved technologies, marketing tactics, and helium sources.
Sears is known for offering a huge variety of items, from clothing lines to appliances. However, if you’ve been loyal then it may be time to look for alternatives since the company has decided to close a number of stores throughout the country.
While there’s no word on why Sears Holdings decided to take this step since the stores appear to be doing quite well, rumors suggest that the company had to take this step due to the losses sustained through Kmart, another chain it owns. It announced plans to close over 80 stores in 2019 and more may follow suit.
We didn’t expect Target to be on the list, after all, it’s one of the most popular brand names in the country but it appears to be in trouble. There’s no word on why the company has decided to reduce the number of stores since Target is still doing pretty well in terms of sales and footfalls.
However, this will not be the first time that the store has decided to reduce the number of branches. It has been shutting stores every year but 2019 saw a major bump when it announced to close 6 stores including two stores in Chicago.
We like Nordstrom, in fact, everyone likes Nordstrom. The company has carved a niche by offering excellent products and unmatched customer support. Hence, it comes as a shock that it’s closing some branches due to low sale volume.
The company spent heavily on marketing in 2019 and even offered products at a discount. The introduction of Nordstrom Rack resulted in an increase in sales but it wasn’t enough to prevent the closure of some stores.
While the brand isn’t going out of business anytime soon, the closure of 6 branches in 2019 can be a reason to worry.
Topshop is a British store that won the heart of Americans when it reached this part of the world in 2009. Topshop is popular on Instagram and has worked with a number of Generation Z celebs since the company mainly targets youth and is popular among the likes of Jay-Z and Kate Moss.
Hence, it came as a surprise when in 2019 the company announced to exit the US market and shut all its 11 stores in the US including major stores in Las Vegas and New York. This came after Arcadia Group, Topshop’s parent company filed for bankruptcy.
#20 The Children’s Place
This may not come as a surprise to many since The Children’s Place has been struggling for a while. The brand was launched with much fanfare and was one of the most affordable options for fashionable clothes for children. However, competition from online retailers affected it and the store reported poor numbers in 2018, resulting in the closure of multiple branches.
The trend followed in 2019 and the company now has over 100 stores, which may close soon as well since it now is concentrating on online customers.
Kohl decided to be ahead of others and reduce the number of stores before things got out of hand. The company did not want to suffer the same fate as others as it had started to see lower footfalls during the time that other companies were filing for bankruptcy.
The company made an official announcement and explained how mall-based branches were not performing as expected and had turned out to be a burden.
The move received praise because the company was proactive and even shifted employees to other branches.
#22 Lord & Taylor
Lord & Taylor was a major name in the ‘80s. It began to suffer when other departmental stores started to crop up and customers began to move away. Lord & Taylor was able to stay afloat due to some loyal customers but the new generation of buyers prefer to shop online, which made it difficult for Lord & Taylor to continue doing business.
The brand has been in existence for over 140 years and is the oldest store in the country. The store closed its first store in 2018 with more expected to shut in 2020.
#23 Bath & Body Works
The brand shut down 3 stores in 2019 and 24 more expected to close in 2020, so if you love their products then it is time to buy some.
However, there isn’t much to worry about because the company announced that they’d be revamping over 100 existing shops to attract more buyers. Moreover, the brand also intends to launch more than 46 new branches in the near future.
Bath & Body Works is doing pretty well and is growing at a rate of 3 percent. These changes are meant to improve the pace and defeat competition.
Short for Hennes & Mauritz, H&M is a Swedish brand that brought new-age fashion to US buyers. It didn’t take the company too long to leave a mark and is now one of the most popular names in the country. However, not all seems to be well since it faces competition from other top brands like Zara.
The company has decided to concentrate on growing markets such as India and reduce the number of stores in the US and Europe where it is struggling to keep pace against other names.
Macy’s is known for a lot of things including its affordable products and yearly parades that attract a lot of national and international attention. While you may not have to worry about a lack of parades, the number of stores is going to decrease since the company intends to close some of its stores.
We do not yet know exactly how many stores it intends to close, but there isn’t much of a concern since the company is doing pretty well and there are more than 600 stores all around the country.
#26 Victoria’s Secret
Victoria’s Secret’s current financial situation is not a secret. The company announced a number of changes due to poor sales. In fact, it also recently canceled the popular Victoria’s Secret fashion show that was once the highest-rated fashion shows.
Victoria’s Secret has been criticized for hiring thin models, a topic that caused the sales to dwindle but it was only recently that the company announced to close over 50 stores. This comes as a shock to many since the company shut down over 30 stores in 2018.
America loves Lowe’s, one of the largest home improvement stores in the country. Now an international name, it has been struggling to keep ahead of cheaper and more affordable options.
The brand recently closed 51 stores and more such announcements may come in the near future. The company appears to be having a difficult time in Canada but the situation in the US isn’t very different either.
However, there might not be much to worry about since Low’s still has more than 2,000 stores in the US and Canada.
#28 J.C. Penney
This publicly-traded name took a while to pick up but has been struggling for a while due to the emergence of bigger stores. J.C. Penney is a complete store that offers everything from furniture to clothing.
However, it appears to be having a difficult time – like most other departmental stores – since buyers now prefer to shop online instead of going to a mall or store.
J.C. Penney is yet to win the internet, which is why many expect the company to fail, especially since it closed 27 stores in the last 24 months.
Chico’s story is quite motivational. It started when three people came together in Florida to start a business. Their dream was to offer affordable and exciting clothes to women and make a mark in the world of fashion.
Their products soon caught up and Chico’s turned into a big name with over 600 stores in the country.
Today, it owns two other brands as well: Soma and White House Black Market. However, good days appear to be short-lived as the company recently announced plans to close 250 stores in the US and Canada.
We may love to criticize Starbucks for never getting our name right but there’s no denying the fact that it is one of the most popular food chains in the world with a presence in most major markets.
There isn’t much to worry about here because the company isn’t going out of business. They realized that the market is oversaturated and one branch is eating into another’s business, hence they have decided to shut 150 branches over the next few years.
However, since there are thousands of Starbucks here, you will never run out of options.