The closures underscore the turmoil faced by brick-and-mortar retail across a variety of fronts. Web merchants are gobbling up a growing share of shopping dollars, their vast online catalogs rendering Walmart’s sprawling superstores increasingly less relevant. And consumers are spending less on traditional retail items like apparel.
According to one estimate, Amazon accounted for almost a quarter of all retail sales growth last year. Other retail stalwarts, including Macy’s, Sears and J. C. Penney, are also shuttering stores after a weak holiday sales season.
“Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future,” Doug McMillon, Walmart’s president and chief executive, said in a statement.
In October 2015, the company said an active review of the portfolio was underway to ensure assets were aligned with strategy. Today’s action follows a thorough review of Walmart’s nearly 11,600 worldwide stores that took into account a number of factors, including financial performance as well as strategic alignment with long-term plans.
“Actively managing our portfolio of assets is essential to maintaining a healthy business,” said Doug McMillon, president and CEO, Wal-Mart Stores, Inc.
Dan Boone wrote: They're sitting in a trailer somewhere on family land, can't get a job, making do on a tiny check from somewhere or SNAP or the proceeds of day labor or buying and selling garage sale crap on some local Facebook group. They're not desperate exactly, because it's so cheap to live out in the country around here; but their lives are pretty squalid and the kinds of jobs they used to do just don't seem to exist any more and they don't seem to have the youth or health or mental resilience to retool themselves to get back into the fully-employed economy.
Tyler Ludens wrote:I think that's what the zombie apocalypse is going to look like for most people. Even a relatively fast collapse, in historic terms, would not look fast - or exciting - to most people, in my opinion.
Tyler Ludens wrote:I've experienced a change in my industry (showbiz) where people aren't willing to throw money at stuff the way they used to, so my income has plummeted. We live in the country, so it's pretty cheap, and we're actively enjoying our newfound freedom instead of moping about loss of income. But that may change if things get too dire, we might start stressing out about it and lose quality of life.
Dale Hodgins wrote:As individuals of modest means, a great strategy is to earn what we can during good times, and resist the temptation to spend it all.
Dan Boone wrote:
Unless a person is very lucky, a lot of their spending is not temptation-based.
Tyler Ludens wrote:I predict that by 2020 most people in the developed world won't be living in railroad cars eating grass. But they might still be waiting for the Zombie Hordes.