WALMART is closing stores left and right as it faces unsatisfactory financial performance in certain regions.
The discounter has decided to close the doors of numerous locations this year as it confronts an all-encompassing “retail apocalypse” that has plagued the industry.
The retail apocalypse is a phenomenon that describes the widespread closure of brick-and-mortar stores across all market segments.
A mix of factors have come together to create the perfect storm for the closures.
Inflation has reduced consumer demand as shoppers face higher in-store prices and less money to spend.
This and an increase in online shopping due to the coronavirus pandemic have prompted Walmart and other chains to close locations and reduce their store fleets.
Walmart has nearly 5,000 stores across the country, but the company admitted some have not met “financial expectations” in recent years, CBS2 reported.
Starting next week, several Walmart stores are closing their doors forever.
Two supercenters in Plainfield and Homewood, Illinois are scheduled to close March 10.
The news comes after Walmart already closed another store in the Chicago suburb of Lincolnwood last month.
“We are grateful to the customers who have given us the privilege of serving them at our Homewood, Lincolnwood and Plainfield locations. We look forward to serving them at our other stores in the surrounding communities and on walmart.com,” the company said in a statement, according to NBC Chicago.
Walmart said while its underlying business is strong, certain stores haven’t performed as well as the company expected.
“There is no single reason why a store closes — our decision is based on multiple factors, including historical and current financial performance, and aligns with the threshold that guides our strategy to close underperforming locations,” the company said.
Shoppers in Pinellas, Fla. will have to say goodbye to their neighborhood Walmart on March 10.
The store is located at 6900 US Highway 19, according to the Tampa Bay Times.
The closure was attributed to low sales, a spokesman for the outlet said.
Fortunately for customers, however, it is the only planned closure in the Tampa Bay area.
The Walmart Supercenter in Albequerque, New Mexico at 301 San Mateo Boulevard SE will also close its doors forever on March 10.
It’s the only store in the area scheduled to close at this time.
A spokesman for Walmart said the company looks forward to serving them at our other stores in the surrounding communities and on Walmart.com.
Likewise, shoppers in Milwaukee, Wisconsin only have until March 10 to say goodbye to the Walmart in Timmerman Plaza.
Community members have already spoken out against the store’s closure, saying it will dramatically affect the availability of inexpensive, quality food.
“Most of the people around here are addicted to Walmart,” resident Tom Lukojo told Fox6 News.
Milwaukee Alderman Mark Chambers Jr. said, “It’s galling that a Fortune 100 company as massive, resource-rich, and prosperous as Walmart can’t keep such a vital location open.
“The move will not only negatively impact shoppers, pharmacy customers and store employees, but I fear it will only add to the food desert problems we’re seeing in this area.”
MORE CLOSURES ON THE WAY
Beyond the next week, Walmart locations across the country will continue to close.
In Oregon, the Portland Supercenter at 1123 Hayden Meadows Drive has less than a month to live since the company announced its closure on March 24.
Walmart attributed the closure to poor performance.
Prescriptions can be transferred to other pharmacy locations.
In the meantime, the customers of the Walmart in Eastport Plaza also have almost a month to say goodbye to their local business.
Both locations are about 12 miles apart.
The closures have resulted in 580 job losses, although Walmart has said all employees have the option to work at another store.
Another hugely popular chain has announced the closure of hundreds of underperforming stores.
Also, these are the big four retailers filing for bankruptcy this year.
https://www.the-sun.com/money/7532437/walmart-stores-closing-next-week/ Full list of Walmart locations closing for good next week – see if your store is part of the ‘retail apocalypse’