Popular clothing chains, including Old Navy and Macy’s, have been closing stores since January | Popgen Tech
Some buyers may have trouble updating their wardrobe in the new year. While store closings have become a nationwide phenomenon since the pandemic began, companies aren’t about to stop cutting their retail sales anytime soon. Now, some of the most popular clothing chains, including Old Navy and Macy’s, have confirmed that they are getting rid of some locations in 2023. Read on to find out where stores have been closing since January.
READ THIS NEXT: Thrift stores, including Goodwill, are closing their locations starting Dec. 23.
Old Navy is closing up shop in January.
Old Navy will be closed in the new year. The company is set to close its Uptown Solon Mall location in Solon, Ohio, next month Cleveland Jewish News reported on December 13.
Mark Swerlingdirector of asset management for United Growth, the mall’s current owner, told the newspaper that the closing was due to several different factors, including the expiration of the lease and its proximity to other Old Navy stores in Northeast Ohio.
“We’ve heard rumors over the years [about a closure] but we’re obviously disappointed that they’re closing,” Mayor Solon Edward Krauss told Cleveland Jewish News. “It’s a sign of the times. We’re not sure what they’re going through as a company, but I can imagine they’re going through the same ups and downs as everyone else. With the advent of online retail and everything delivered right to your home, it’s affecting many brick-and-mortar stores. This is a great example of that.”
A better life has reached out to Old Navy to see if a firm closing date has been set for the store, but has yet to hear back.
Another popular chain is closing stores next month.
Another well-known chain, which sells clothes among many other things, plans to cut back in January. Based on local news reports, it appears that Big Lots is set to close at least two California locations next month.
A spokesperson for the company confirmed that its Ridgecrest, Calif., store will close permanently in the new year. The Ridgecrest Daily Independent reported on December 14.
Joshua CheneyA Big Lots public representative told the newspaper that the building’s owner recently told the company that going forward, the rental price would be three times higher.
“We are constantly reviewing our store portfolio and sometimes for various business reasons make the decision to close or relocate,” Cheney said. “We are grateful to all our customers for shopping with us over the years and invite them to continue shopping with us online at biglots.com.”
And it’s not the only place in California that’s closing. On December 7, Cheney confirmed Sacramento Business Journal that the Big Lots store in Citrus Heights, Calif., is also slated to close in January — providing the same explanation for the store’s portfolio review.
A better life has reached out to Big Lots to see if an exact closing date has been set for any of the stores, but has yet to hear back.
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Macy’s is also losing ground in 2023.
After Old Navy and Big Lots closed in January, Macy’s will also be down a bit. The department store chain is set to close its store at Foothills Mall in Fort Collins, Colo., next year, Coloradan reported on December 12.
Stan PartonThe president of Prism Places, which currently owns the mall, confirmed to the newspaper that the Fort Collins Macy’s will close its doors for good in March 2023.
Macy’s has been in the Foothills Mall for nearly 50 years and is the last remaining department store in the center, according to Coloradan. Parton said Macy’s plans to close the store entirely rather than relocate, and told the newspaper that the mall will undergo a renovation plan as a result.
“That’s the dichotomy of retail today,” he said. “Many of these department stores have supported these projects [malls] for a long time.”
A better life has reached out to Macy’s for more information about the closing, but has yet to hear back.
These companies are closing down en masse.
While these are just the announced store closings for the new year, all three companies are in the midst of nationwide closings.
Back in February 2020, Macy’s announced that it planned to close a total of 125 of its department stores by 2023. “We are taking the organization through significant structural changes to reduce costs, bring teams closer together and reduce duplication,” Macy’s. General director Jeff Gennett CNBC said in a statement at the time.
For its part, Gap Inc., which owns Old Navy, previously announced mass closures of some of its other brands. In October 2020, the chain’s parent company revealed that it planned to close 350 Gap and Banana Republic stores across North America by the end of 2023.
“As we adapt to today’s market conditions and respond to the growth of online demand, we are taking a hard look at our real estate to support the best way forward,” Gap Inc. said. on its website, adding that the closures are “in an effort to have a smaller and healthier fleet of stores.”
More recently, Big Lots also revealed plans for mass shutdowns. During the Dec. 1 earnings call Jonathan Ramsden, executive vice president, chief financial officer and chief administrative officer of Big Lots, said the retailer planned an “accelerated number of closings.” According to Ramsden, the closure should help Big Lots increase its profits.
“Closing this year will be slightly higher than opening,” he said. “Going forward, we will hope and expect a return to normal levels of closures, but we will certainly continue to closely monitor the stores that are closed.”