In a move that highlights the continuous challenges that traditional retail faces, a once-dominant retailer has announced the closing of three more storefronts in New York. This decision comes in the middle of a string of losses for the company, which has seen a significant drop in foot traffic and sales in the age of ecommerce.
A Series of Adverse Events
These closures are part of a larger trend that is affecting brick-and-mortar retailers around the country. The company, which previously had a large presence with hundreds of outlets around the country, is dealing with the shift to online shopping and the changing retail scene.
Macy’s Shifting Strategy
Macy’s, headquartered in New York City, plans to close around 150 of its locations across the United States. These closures are part of a restructure as the firm focuses on luxury sales, leaving Macy’s with approximately 350 surviving sites.
- California RESIDENTS To RECEIVE $500 MONTHLY PAYMENTS In New Guaranteed Income Program: Here Is Who Is Eligible
- Us Job Market Booms With 272,000 New Jobs, But Unemployment Rises Slightly To 4.0%
- Credit Scores Of 720+ See Improved Loan Rates This Week
- Examining The Facts: Fact Check On IRS $8700 Stimulus Check Eligibility & Payment Dates
- Gas Prices On Downward Trend As Fourth Of July Road Trips Approach: AAA
Bloomin’ Brands is closing underperforming locations
Bloomin’ Brands, Outback Steakhouse’s parent company, has announced the closure of 41 restaurants classified as underperforming locations. This contains multiple Outback Steakhouse, Carrabba’s Italian Grill, and Bonefish Grill outlets around New York State.
TGI Fridays: End of an Era
TGI Fridays has also felt the effects, with the closure of 36 restaurants across the United States, including five in New York. The Vestal and Syracuse locations continue to operate, however the Elmira location has closed.
Impact on Employees and Communities
These closures will surely have an impact on many individuals who are facing job losses. These stores generally act as anchors for shopping malls and contribute to the local economy, thus the areas where they are located will suffer as well.
Future Outlook
As the retail powerhouse navigates these difficult times, the emphasis switches to adapting to the new retail landscape. To attract customers, the company is experimenting with numerous techniques, such as increasing its online presence and reinventing the in-store experience.
Conclusion
The retail giant’s news of three additional shop closures in New York serves as a sharp reminder of the industry’s volatility. It emphasizes the importance of conventional retailers innovating and adapting in order to remain relevant in an ever-changing marketplace.