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Retail stores continue to close by the hundreds. The retail apocalypse continues to sweep across America as our purchasing power is getting squeezed by many different fronts these days. After paying for housing, energy, gas, groceries and other monthly bills, most of us are left with an increasingly smaller amount of money for discretionary expenses. And some of us, aren’t even spending that money at all – but rather saving it to weather the storm that is ahead. Consequently, even some of the biggest companies in the US are suffering from declining sales, shrinking profits and weaker earnings results. Many of them were already barely making it after two very complicated years for our economy – with a pandemic, supply chain problems, inflation and soaring commodity prices making conditions extremely difficult for these businesses. And now they are having to make some tough choices as we enter the holiday season. Even big names such as McDonalds and Disney are announcing they will be closing several locations in an attempt to cut costs and survive the downturn that is unfolding before our eyes.
Another example is Gamestop. The troubled video game retailer became a stock market and media sensation early last year when a legion of investing pranksters made headlines the world over by sending GameStop’s stock to the moon in an orchestrated move to hit hedge funds that were betting on the chain’s continued demise. But it doesn’t seem like any of them actually shopped in there. With falling revenue and negative sales growth, the world’s largest gaming retailer has been shedding hundreds of stores over the last two years, shuttering a total of 1,000 locations in 2021. Now, 557 more stores are conducting clearance sales to go out of business as GameStop starts switching its focus to online operations.
When even some of the biggest brands out there are being forced to make some deep cuts to reduce operational costs, slashing jobs and closing up shop in the process, then you know for a fact that the economy is falling off the tracks. The worst part is that conditions aren’t likely to get any better for consumers or businesses any time soon. As we just reported a few days ago, even one of the world’s richest men is telling the public to avoid unnecessary purchases and stockpile cash to navigate through the turbulence that is approaching. This isn’t good news for our iconic brands and major retailers. We’ll continue to keep track of the retail apocalypse as this situation continues to develop in the coming months.
In today’s video, we listed some industry giants that recently disclosed plans to shutter dozens or even hundreds of locations.
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