SEVERAL Walmarts are closing their doors in March as the retailer tries to shed its underperforming locations.
Walmart is just one of many retailers that has had to downsize its fleet due to the impact of inflation on consumers’ wallets.
Inflation, coupled with a surge in online shopping, has reduced consumer demand across the board, making it increasingly difficult for retailers to survive.
That includes Walmart, which has announced a host of upcoming closures this spring.
Walmart has nearly 5,000 stores across the country, but the company admitted some fell short of “financial expectations,” local CBS Chicago affiliate WBBM reported.
The chain’s pickup and delivery locations in Arkansas and Illinois were closed on February 17.
The following stores will also close shortly:
- Walmart Supercenter in Plainfield, Illinois (March 10)
- Walmart Supercenter in Homewood, Illinois (March 10)
- Walmart in Albuquerque, New Mexico (March 10)
- Walmart Supercenter in Milwaukee, Wisconsin (March 10)
- Walmart in Pinellas Park, Florida (March 17)
- Walmart in Washington, DC (March 31)
The next set of closures includes stores in Illinois and New Mexico.
Two supercenters in Plainfield and Homewood, Illinois will close on March 10.
Also on the same day, a Walmart supermarket in Albuquerque, New Mexico, and a supercenter in Milwaukee, Wisconsin will close.
Another store in Pinellas Park, Fla. will close its doors on March 17.
And just this week, Walmart unveiled the next location to falter — its Washington, DC location on H Street.
The shop will be completely closed until March 31st, but the pharmacy will close a little earlier on March 17th.
As at the other locations, financial underperformance was given as the reason for the closure.
Earlier in January, customers allegedly reported empty shelves due to cooling issues.
“We are grateful to the customers who have given us the privilege of serving them at our H Street location. We look forward to serving them at our other stores in the surrounding communities and on walmart.com,” said Felicia McCranie, Walmart’s communications director, according to Fox’s local DC affiliate WTTG.
Nationally, Walmart has confirmed plans to close 160 stores over the next six years.
According to CEO Doug McMillon, at Walmart in particular, historically high theft rates have resulted in higher prices and complete store closures in certain areas.
“Theft is a problem. It’s higher than it has been in the past,” McMillon previously said.
“If this is not corrected over time, prices will go higher and/or stores will close.”
In an attempt to curb crime, the company implemented a variety of “anti-theft” devices, prompting a quick backlash from customers.
Hundreds of retailers have closed nationwide due to high inflation and reduced consumer demand, marking a trend many are calling the “retail apocalypse.”
Around 40 percent of the country’s department stores have closed since 2016.
Over 60 major retailers filed for bankruptcy in the last year alone, including Brooks Brothers, J. Crew, Sears, Lucky Brand, Forever 21 and Circuit City.
By the end of the year, a total of 416 Bed Bath & Beyond stores will disappear forever as they face bankruptcy.
Likewise, Gap has announced the closure of approximately 350 Gap and Banana Republic stores across North America.
And Macy’s has also presented a plan to close over 120 of its physical locations this year.
MORE WALMART NEWS
Walmart also made headlines recently for entering the meal kit market with its Blue Apron partnership.
Cooking sets have been in high demand among consumers since the early days of the pandemic, when shoppers began preferring to have their groceries delivered rather than having to wander down the aisles.
The Blue Apron Walmart partnership allows shoppers to purchase single-buy, multi-serving meal kits and ready-made Heat & Eat meals in stores.
Walmart also closed its dispensaries early after facing ongoing staff shortages.
At around 4,600 locations, the shop pharmacies close at 7 p.m. on weekdays, two hours earlier than usual at 9 p.m.
The reduced hours are intended to address times when patient demand is low, but shoppers are likely to be bothered by the new hours if they are late from work.
Walmart’s CEO has also warned American consumers, and it’s about which groceries to expect even higher prices for.
The discounter also started selling a new line of clothing perfect for toddlers and babies.
https://www.the-sun.com/money/7524216/walmart-closures-march-retail/ Full list of Walmart stores to close in March – as retailer looks to eliminate ‘underperforming’ locations