Hundreds of major retailer store closures spark new opportunities for other big brands including TJ Maxx
AS Bed Bath & Beyond is reducing its fleet with hundreds of closures across the country as other retailers struggle to fill in the gaps they are leaving.
Retailers like TJ Maxx and Ross are trying to fill in the space vacated by their struggling competitor.
Back in August, Bed Bath & Beyond announced it would close around 150 stores to avoid bankruptcy.
Recent reports show the closures have gone further than forecast with over 400 locations now closed.
“We have already initiated store closures in our Bed Bath & Beyond banner, which will reach approximately 360 stores, in addition to approximately 120 Buybuy BABY stores,” said a Bed Bath & Beyond representative best life.
Still, there is a glimmer of good news for discount department store shoppers. Bed Bath & Beyond’s downsizing has created more space for other businesses.
Brandon Isner, head of retail research at commercial real estate firm CBRE, told CNN there has been a lack of retail development since 2008.
“E-commerce put a lot of people off building retail,” Isner explains. “Many great properties will become available in a market where there is no vacancy.”
Isner hinted that the impending retail explosion could come sooner than expected.
“It won’t be long before retailers occupy these spaces,” he added.
Two popular chains, TJ Maxx and Ross, have already started lining up to grab the available spots, according to CNN.
The transition is already underway in Watertown, New York, where TJ Maxx will be moving to a closed Bed Bath & Beyond location next week.
Ross Dress for less will make its first appearance in Michigan as the chain begins taking over several locations formerly occupied by Bed Bath & Beyond.
Other stores like HomeGoods and Burlington could also take the opportunity to slip into newly opened spaces.
Burlington CEO Michael O’Sullivan confirmed that their expansion was based on the closure of other large retail outlets.
“For us, the biggest source of new store locations comes from other retailers closing stores,” he said. “So many of our most productive locations used to be Circuit City, Toys ‘R’ Us or Sports Authority.”
While it’s bittersweet news for loyal customers that Bed Bath & Beyond is closing its doors amid the “retail apocalypse,” new ones will open across the country.
https://www.the-sun.com/money/7713693/major-retailer-store-closures-bed-bath-beyond/ Hundreds of major retailer store closures spark new opportunities for other big brands including TJ Maxx