Photo Courtesy of cnbc.com
Sears, Toys“R”Us, and J. C. Penney are few of the many stores that will be closing due to the competition with online shopping, reported foxbusiness.com.
In the 2017 Cyber Monday sales, online shopping hit a fresh record, nearing 7 billion dollars, proving the hypothesis that people are starting to move into the new age of technology and shop online, according to foxbusiness.com.
“The rise of ecommerce outlets like Amazon has made it harder for traditional retailers to attract customers to their stores and forced companies to change their sales strategies. Many companies have turned to sales promotions and increased digital efforts to lure shoppers while shutting down brick-and-mortar locations,” stated foxbusiness.com.
Retail stores making $1.1B while Amazon sales almost making triple that at $3.1B in 2016, reported usatoday.com
Hundreds of retail stores filed bankruptcy in the 2017 year, causing the retail chain to start closing hundreds of stores across the nation, according to clark.com.fire in
The following is a list of retail stores that are closing
Sears and Kmart – around 420 stores closing
J.C. Penny – around 140 stores closing
Macy’s – around 70 stores
J.Crew – around 50 stores
Payless Shoe Source – close to 1000 stores
Vitamin World – around 50 stores
Gap and Banana Republic – around 200 stores
Perfumania – around 65 stores
Teavana – around 380
Gymboree – around 350 stores
True Religion – around 30 stores
Sam’s Club – around 60 stores
Michael Kors – close to 125 stores