MoneyDon't Waste Your Money

Actions

These stores won't reopen after the pandemic

'Retail apocalypse' shutting more than 3,000 stores
These stores won't reopen after the pandemic
Posted at 11:03 AM, May 27, 2020
and last updated 2020-05-27 17:01:15-04

After a two-month COVID-19 lockdown, stores all across the country are starting to reopen. But local malls may never look the same, because some stores that closed may never come back.

Kelly Stevens runs an independent toy store. She plans to reopen in June, and hopes that shoppers come back quickly.

"It's a very tough environment to be in, very scary, but I'm trying to stay positive," Stevens said.

It's already too late, however, for thousands of stores that were struggling long before the pandemic hit. Pier 1 is closing all of its 500 stores, and Tuesday Morning also just announced it is closing at least 130 stores.

Many mall stores will never reopen

A stunning Business Insider report lists some of the many stores closing a large number of their locations for good, especially mall-based locations where traffic has been falling for years.

Among them are:

  • Victoria's Secret: Closing 250 locations, a quarter of its stores
  • JC Penney: Closing 242 locations, one-third of all its stores
  • Game Stop: Closing 350 stores
  • Papyrus: Closing all 250 stores
  • Forever 21: Closing 178 stores
  • Bose: Closing all 125 stores
  • AC Moore: Closing all 145 stores — though some of are converting to Michael's craft stores

Even some high-end retailers are closing some of their doors. Nordstrom and Neiman Marcus are each closing more than a dozen stores, proving that no retailer is immune from the economic downturn.

Those with gift cards to any of those stores should use them soon before nearby locations close for good. That way, you don't waste your money.

________________________

Don't Waste Your Money" is a registered trademark of Scripps Media, Inc. ("Scripps").

Like" John Matarese Money on Facebook

Follow John on Twitter (@JohnMatarese)

For more consumer news and money saving advice, go to www.dontwasteyourmoney.com