General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhat is Chump doing to save the battered retail sector?
At the bottom, the seemingly ubiquitous Payless Inc. shoe chain filed for bankruptcy and announced plans to shutter hundreds of locations. Ralph Lauren Corp., meanwhile, said it will close its flagship Fifth Avenue Polo store -- a symbol of old-fashioned luxury that no longer resonates with todays shoppers.
And the teen-apparel retailer Rue21 Inc. could be the next casualty. The chain, which has about 1,000 stores, is preparing to file for bankruptcy as soon as this month, according to people familiar with the situation. Just a few years ago, it was sold to private equity firm Apax Partners for about a billion dollars.
https://www.bloomberg.com/news/articles/2017-04-07/stores-are-closing-at-a-record-pace-as-amazon-chews-up-retailers
femmocrat
(28,394 posts)Sears will probably be next.
As for drumpf, he could echo W and tell everyone to keep calm and go shopping!
He will probably blame the decline of retail on the boycott of Ivanka's clothing line.
dchill
(38,321 posts)while grabbing a few more shares in Raytheon.
IdiotsforPalin
(168 posts)by getting their China made crap out of the stores.......
lpbk2713
(42,696 posts)So he really doesn't care what happens to them.
Squinch
(50,773 posts)hey, there are going to be 9 new coal jobs at the end of his tenure!
Dulcinea
(6,507 posts)But, I'm sure it has a lot to do with the fact that shopping sucks these days. I took my daughters shopping for clothes at a well-known retail chain last weekend. There weren't enough cash registers open, so we had to wait half an hour just to pay. The store wasn't all that crowded, either. There were just very few employees in the store. When you factor in the time it takes to get to the shopping center, parking, gas, & the time spent waiting in line to pay, it's just so much easier and quicker to shop online.
rogue emissary
(3,147 posts)I've wondered why some jobs like coal mining and non-specific manufacturing jobs are the only ones we're supposed to care about.
MANative
(4,105 posts)I've worked in retail (corporate) and wholesale for over thirty years in NYC, and have several close friends who work(ed) for Ralph Lauren, including my current CEO, who was a senior exec with them until about eight years ago. They are all beyond stunned that "the mansion" is closing. It's a gut-punch.
Sears doesn't have more than six months, at best, KMart being dragged along with them, is the word around town.
I've been counseling all my clients who work in brick-and-mortar retail to make the shift into the e-tailing sector sooner rather than later.