The retailer saw its net sales fall by 26.7% to $942 million in Q2 2020 compared to the second quarter of 2019 as stores were temporarily closed due to the coronavirus pandemic. At the same time, many Canadians have lost their jobs which is adding to financial strain. In Manitoba, malls such as CF Polo Park in Winnipeg opened last week as well and foot traffic is nothing near where it was though at the same time many retailers have not yet reopened. The real estate arm will transform some stores into mixed-use properties featuring offices, housing, entertainment, and retail space. I was the senior retail analyst at Morgan Stanley for 16 years, following a 20 year career at retailers including Macy’s, May Department Stores and Allied Stores. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Bed Bath & Beyond Inc. announced plans to close 200 of its namesake stores, What shoppers need to know about the 20% discount amid a new round of store closings, Futurists think Americans may eat, fly and go to school differently post-COVID, company officials announced plans to close 60 stores, Here's the list of 40 stores that closed earlier this year, which was released in January, Stocks drop as banks suffer, economic concerns grip investors, As many as 25,000 stores could shutter this year, Efforts to lift economy out of recession pose risk of sparking a financial crisis, economists worry, The kitchen goods retailer is liquidating more stores by the end of September, Macy's says timeline of closings could be adjusted as competitors struggle amid COVID-19, Your California Privacy Rights/Privacy Policy, Alabaster: 300 Colonial Promenade Parkway. SBUX To date, government efforts to halt an industry collapse have for the most part been a failure. © 2020 Forbes Media LLC. Macy’s is seriously struggling like many other retail stores. Pseudonyms will no longer be permitted. As many as 25,000 stores could shutter this year as retailers continue to feel the impacts of the pandemic, according to a report from Coresight Research. Given the heightened emotions due to the pandemic as well as constant messaging from governments, medical groups and the media, the fear in many consumers will last for an extended period. army & navy department store in Edmonton in the 70s. photo: Roland Bressmer. Updated 7:44 AM ET, Thu September 10, 2020. Some retailers that do reopen will attempt to grow their brick-and-mortar business in the coming months leading up to the fall of 2020. -Heritage Brands: 162 Stores, Starbucks Some industry analysts are saying that they expect vacancies in some malls, even the strongest, could surpass 30% by early 2021. At the same time, most landlords have demanded that rents be paid by retail tenants either in full or with government assistance, both of which have created further financial burden for businesses. PHOTOS: TOURISM CALGARY. Stores in 29 states are slated to close with California and New York losing the most stores at six locations each. In 2018, 5,700 stores closed, and in 2017, 8,000 stores were shuttered. A Bed Bath & Beyond store in Massachusetts is pictured. I am listing below 14,324 store units that will close this year. The companies currently in bankruptcy are listed first since their future is uncertain until they emerge from court protection. GameStop said it would close about 100 additional stores, adding to the 320 locations it announced would shutter in March, CNN reported. Local investors claim that the company is acting fraudulently after an alleged settlement with the Canadian division. There are a few silver linings, however. The company behind Ricki's, Bootlegger and Cleo plans to close stores and cut jobs as part of a restructuring after obtaining court protection from creditors Thursday. While the December holiday shopping season is typically a robust time for retailers, lower sales could see even more retailers collapse. Retailers and malls, for their part, will look to gain consumer confidence through a variety of measures. "In this COVID moment, we believe we can take this opportunity to not just simply close stores, but to pivot and reshape and truly optimize our store footprint,” Hartmann said. Family Video, the Glenview, Illinois-based company that's now the largest video store chain left in the United States, is closing 200 locations across the country this month, including in Dyer Other struggling US chains with stores in Canada include Ascena (which operates Ann Taylor and LOFT stores here), L Brands (including Victoria’s Secret), GNC, Gamestop (which operates EB Games in Canada), and others. That has resulted in a situation where businesses can remain a going concern in the short-term until government monies are cut off. Currently I head Loeb Associates Inc. a management consulting and strategic advisory firm for leading domestic and international retail companies. West Jordan: 7142 South Plaza Center Drive. Women’s dresses, tops, pants, accessories and other apparel are all on sale for women and petite women at Cleo. At the same time, consumers are becoming more accustomed to shopping online and the habits being formed could become permanent. The list of store closings … Cleo's Silversmith Studio and Gallery, an early symbol of south Bethlehem's resurgence, is closing after 20 years. Now located in Toronto, Craig is a retail analyst and consultant at the Retail Council of Canada. This could compound existing problems and scare the consumer for a second time. January saw many store closures in 2020. I cover major developments in the retail industry. Many stores will be closing in Canada over the summer as brands are hit hard in the wake of the COVID-19 pandemic. And even if some international chains are able to restructure their operations, some may choose to close stores in Canada given the high cost of doing business in this country. "We do not take any of the decisions we make lightly, and we are working hard to look after our team members across the country in every location," said the letter from Brick CEO Dave Freeman. The coronavirus pandemic has left many companies in horrible shape. The pandemic, even as it shifted spending more to household necessities, only reinforced the reliance on e-commerce. Industry expert and recruiter Suzanne Sears, CEO of Retail Staffing Canada and Best Retail Careers International said that she expects retailers will need to pay employees more to work in stores, if retailers are able to secure required staff at all. I was a director of the National Retail Federation (NRF) as well as several leading retail companies including The Hudson Bay Co, Gymboree Corp. and Federal Realty Investment Trust. Many employees have not been recalled to work as the pandemic has raged on, and there has been a paucity of customers since they are scared they might contract the virus. The company will open two permanent stores in Canada this fall, as well as a hard-shop and experiential pop-ups in major markets. photo: google street view. The following 63 stores are slated to close by the end of 2020. The list of store closings is already very long and may be much longer by the end of the year. On Saturday, Vancouver-based Army & Navy, referring to itself as “Canada’s original discount department store”, announced that it would be permanently closing its five remaining units after 101 years in operation. Most of them are located in Edmonton (5 stores), Ottawa (5 stores), Calgary (4 stores), Mississauga (3 stores) and Regina (3 stores). Carlton Cards & Papyrus Ivanhoé Cambridge. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Today, many retailers achieve 35% or more of their sales through increasingly more sophisticated e-commerce—via their websites and other social platforms. But this does not mark the end for the retailer that has more than 1,200 locations in the U.S. and Canada. At the same time, costs for retailers that do reopen stores are expected to escalate in the coming months. Bed Bath CEO Mark Tritton said closing 200 locations would save the company between $250 and $350 million annually after one-time costs. Canadian furniture chain Leon's will temporarily close 72 of its 205 stores across Canada and lay off 3,900 workers in response to the COVID-19 pandemic. © 2020 USA TODAY, a division of Gannett Satellite Information Network, LLC. Many retailers are in a restructuring phase and some are now examining bankruptcy protection. The figure is most already has surpassed 2019 levels when 9,879 stores closed their doors. Here’s a look at all the retailers that announced they were closing stores in September. For the 12 months ending February 1, 2020, Aldo lost $74.8 million in Canada and $52.8 million in the United States. Opinions expressed by Forbes Contributors are their own. Bed Bath & Beyond isn't the only retailer closing stores amid the coronavirus. Some sources have said that the 94 year old chain could end up shutting entirely if things are not sorted out in time. Net sales from digital channels grew 82% with sales growth of more than 100% during April and May, the company said in July when reporting quarterly earnings. After attempting to regain sales numbers without success, more retailers in Canada are expected to file for bankruptcy protection in the fall, according to Mr. Louis. This list will be updated as new information becomes available. PHOTO: TRIPSAVVY. The store-closing list of 2020 is vast thanks to COVID-19 and a reliance on online shopping. A lack of covenant-holding anchor tenants will help speed up the process greatly, resulting in many jobs in the construction and real estate fields. Life will still go on and as Canada is a consumer society, and things will indeed get better in the years to come. While many of the stores were temporarily closed during the pandemic, the company accelerated the launch of buy-online-pickup-in-store and curbside pickup at many stores. : 158 stores (bankruptcy), Le Pain Quotidien: 63 stores (bankruptcy), Modell’s Sporting Goods: 153 stores (bankruptcy), Muji USA : 5 stores (estimated) (bankruptcy), Neiman Marcus (Last Call): 20 stores + 14 main stores(bankruptcy), Pier 1 Imports He's also the Director of Applied Research at the University of Alberta School of Retailing in Edmonton. Hayley Peterson. Many Canadian cities have mandated by law that ground floor space on some streets be for commercial uses. The store closure announcement follows the layoff of 2,800 workers in August, in another cost-cutting move that is expected to save the retailer $150 million a year. Limited hours, limited occupancy, spacing configurations for physical distancing, curbside pickup and other measures are hoped to bring consumers back. Factset: FactSet Research Systems Inc.2018. A Pier 1 Imports store in February 2020. Entrepreneurs are looking at ways to serve consumers amid a ‘new normal’ and are looking to innovate with new multi-channel concepts. It is remarkable how quickly shoppers have changed from buying in physical stores to online. Many consumers are expected to stay away out of fear of catching the potentially deadly illness regardless. Check out women’s clothing on sale in many of the top fashion styles available.

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