Two retailers considered household names in Colorado are scaling back operations across the state, with store closures set for this month.
Retail company Big Lots and department store chain Macy’s have either shuttered or plan to close select Colorado locations: four of the former, one of the latter.
In recent years, consumers have debated whether the American tradition of big-box stores and malls is dying as shopping habits shift from in-person to online — a change hastened by the coronavirus pandemic. Digital sales in the U.S. hit $1.05 trillion in 2022, with only China outperforming at $2.88 trillion, according to eMarketer, a market research company.
Still, e-commerce makes up just 15% of the country’s total retail sales, so it hasn’t solely doomed brick-and-mortar stores. Instead, retailers are contending with other economic factors squeezing shoppers and businesses alike, including high inflation, surging interest rates and a potential recession this year.
Corporate decisions to tighten their belts mean some locations are being cut loose in the process.
Four Big Lots stores closed on Jan. 6, leaving 14 others throughout the state. The closures were:
- 8125 Sheridan Blvd. in Arvada
- 7475 E. Iliff Ave. in Denver
- 139 W. Hampden Ave. in Englewood
- 126 W. Troutman Parkway in Fort Collins
“Aligning with standard retail business practices, we review our store portfolio on an ongoing basis and sometimes decide, for business reasons, to close or relocate,” said spokesperson Josh Chaney.
After 48 years in the Fort Collins community, the Macy’s location in the Foothills Mall will be axed this month, with a clearance sale running for eight to 12 weeks. A Macy’s spokesperson confirmed the decision, adding that the location’s employees are aware, with severance benefits available for those eligible.
Founded in 1858, Macy’s is shuttering three other “on-mall” stores outside of Colorado. “The lulls of the non-peak holiday weeks were deeper than anticipated,” said Jeff Gennette, chairman and chief executive officer of Macy’s Inc., in the fourth quarter 2022 update.
The closest Macy’s store for Fort Collins-area shoppers is situated about a half hour away in The Promenade Shops at Centerra at 5995 Sky Pond Dr. in Loveland.
Source: Read Full Article