Sometimes brands get out of touch – they don’t keep track of how many stores are next to each other or pay attention to how well they are doing in each market. Retail real estate goes through cycles, said Bob Young, the executive managing director at Weitzman. Overall retail, grocery stores, malls and superstores like Walmart and Target saw decreases in visitors. Placer.ai, a company that tracks foot traffic to retail stores using cellphone data, shows an increase in visits to discount and dollar stores, restaurants and fitness chains in the first quarter of the year. Co-president of Natural Grocers, Kemper Isley, cited low performance. Tarrant Parkway and in Coppell, at 120 S. That includes a Fort Worth location at 5230 N. Natural Grocers, for example, is closing 25 locations across the country. “There’s always some nonperforming stores every year.” “The concept called ‘store apocalypse,’ had been haunting the retail industry for a while,” Venkatesh said. And every year, there’s bound to be stores that don’t perform well, Shankar said.īy some estimates, some 50,000 stores across the nation will close by 2027. Some retailers realize there are too many stores next to each other. Customers are spending less with increasing prices and interest rate hikes on credit cards. Discount stores, new concept stores and fitness franchises could fill the space.īankruptcy is not the only reason retail stores close, said Venkatesh Shankar, a chair professor of e-commerce and marketing at Texas A&M’s Center for Retailing Studies. The company is also closing a store location in Grapevine by July, according to Texas Workforce Commission’s Worker Adjustment and Retraining Notification.ĭespite the trend of retail closures each year due to low-performing stores, the DFW region’s growing population still makes it an attractive place for stores to expand, industry watchers say. The doors are plastered with signs advertising sales.Īnd big-box retailer Walmart is shutting down an e-commerce fulfillment center in Fort Worth and will lay off over 1,000 workers by June 2. A banner reads “Store Closing!” at a location at 931 Overton Ridge Blvd. The mall also saw its Disney store shutter in September.A swath of retailers are closing their doors in Fort Worth and North Texas, but real estate experts say the spaces they leave behind remain in high demand.īed Bath & Beyond filed for bankruptcy in April and started the process of closing its stores nationwide. The Bed Bath & Beyond news comes as Tysons shoppers brace for the loss of another longtime retail anchor in the form of Tysons Corner Center’s L.L. It didn’t immediately respond to messages asking about plans for the site. The property is owned by Benderson Development, a Florida-based real estate company that acquired it in 2015 for $29 million. locations when it opened, according to a Washington Business Journal report from that time. At 55,695 square feet in size, the Tysons store was one of the company’s largest U.S. Bed Bath & Beyond didn’t respond to messages seeking additional comment about the closing and how it will affect the workers there.īed Bath & Beyond arrived at 2051 Chain Bridge Road in February 2011 as a relocation of a smaller store on Leesburg Pike. A store employee told Tysons Reporter that its lease will end at that time.Ĭlosing sales for the home improvement store began last Thursday (Dec. A decade-long fixture of Route 123 is shuttering.īed Bath & Beyond confirmed its Tysons store is slated to close permanently at the end of February.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |