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.
John F Dean wrote:On a personal level, this has turned out to be my best year in many years. Unfortunately, my victory is a very fragile one due to the economy in general and Covid more specifically. 2021, at this point, looks like an abyss.
elle sagenev wrote:I find people in general are doing worse and worse financially due in large part to a "I deserve it" culture reliant on credit.
Artie Scott wrote:
Dan, I also wanted to thank you for your pre-pandemic post around medical supplies. I was sorta seeing the wave building, and your post listing the things to buy prompted me to do so, and as a result, I had plenty of masks, gloves, sanitizer, toilet paper, etc... well before everyone else panicked and cleaned off the shelves. You totally got that right, and I felt like a hero for having that all in stock for family and friends when things got real and everyone else was scrambling.
Artie Scott wrote:
If nothing else, these first few months of the pandemic have hammered home how woefully underprepared I really am, and frankly makes me wonder if any of us is really prepared to weather a collapse, whether slow or fast.
Does anyone think they could last through the coming winter with what they have stored/planted?