Giant numbers of retail stores face closure – Are You Ready?

As More Stores Face Closures, Are You Ready For A New Career?

Store closuresIn 2017 we’re going to see a mass amount of large brand retail stores closing their doors, it doesn’t mean these companies are going out of business just they are reducing their footprint in the retail landscape throughout North America.

Here’s a short list of some of the stores that are closing down:

Kmart and Sears expect to close 150 stores this year

Bebe close 180 stores this year

Rue21 400 store

JCPenney 138 store

Macy’s 68 stores

AmberCrombie and Finch 60 stores

Guess 60 stores

Crocs 160 stores

The limited 250 stores

Wet seal 171 stores

American apparel 110 stores

BCBG 120 stores

Payless shoe source 400 stores

Hhgregg 220 stores

GameStop 150 stores

RadioShack 552 stores

Staples 70 stores

CVS pharmacy 70 stores

Gander Mountain 32 stores

Family Christian 240 stores

If you’ve been following along and doing the math that’s 3601 stores in this shortlist of retail-based stores that are closing their doors in 2017. If you averaged it out each of the stores probably has about 30 employees, that is about 108,000 jobs that will disappear in the retail sector this year. 

This is just a small sample and there are many more that are either completely closing or at least reducing the number of stores they have.

Why are so many stores closing?

In some cases the answer is quite simple, there are too many retail stores in North America in the market is saturated. The larger underlying trim though is that many consumers are purchasing your products online through the Internet and direct sales than ever before. This is a shift in business models and many of the retail Giants are shifting along with it.

Online retail sales have skyrocketed in the past five years, in 2016, total retail sales around the world will top $22 trillion, this is a 6% gain from the previous year. Although these growth rates are expected to slightly slow down until 2020, due to a weak global economy, they will still average an over 5% growth rate during this time.

So while it looks like a mass exodus of retail stores in North America, it is in many cases just a shift in business models from brick-and-mortar retail stores to e-commerce and direct selling stores.

What does this mean for the hundreds of thousands of people that will lose their jobs this year? It’s time to learn new skills, direct selling is a real alternative for people. Gain product knowledge on something that interests you, learn how to market yourself online, and open a small specialty retail store where you are the direct seller. 

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