The real reasons stores are closing in big cities
Nordstrom. Walmart. Whole Foods. Starbucks. CVS. These big chains and others have closed stores in major US cities recently, raising alarm about the future of retail in some of the country’s most prominent downtowns and business districts. Several forces are pushing chains out of some city centers: a glut of stores, people working from home, online shopping, exorbitant rents, crime and public safety concerns, and difficulty hiring workers.
Meanwhile, Houston and Phoenix gained 4% new retail establishments during that stretch. Online shopping Retail stores are also under pressure from the continued shift to online shopping. E-commerce made up 14.7% of all retail sales during the final quarter of 2022, according to the Census Bureau. The pandemic accelerated that growth. For example, chain-store closures in New York City have correlated to the products most frequently bought online.
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