The Disney Store is closing even more locations
The global COVID-19 pandemic has had serious consequences for the retail industry, for both small businesses and large businesses. Now, one of the world’s most recognized and loved brands has announced it will close even more of its sites as it revamps its business strategy. According to Retail Insider, the Disney Store will close almost all of its retail stores in the coming months.
While the company has not announced the final number of stores it will close, the planned closures come just over a month after Disney announced it would close 60 of the 300 stores it operates globally. . Notably, the next round of closures would see all 18 locations in Canada close their doors by the end of the summer. The Disney Store’s two-story flagship location in Times Square in Manhattan is expected to be one of the few remaining locations in North America once the changes are announced.
The move is part of Disney’s shift in retail strategy, which has seen COVID-19 accelerate the decline of in-store shopping in favor of online shopping. “Over the next year, Disney will focus on providing a more seamless, personalized, and franchise-focused e-commerce experience through its shopDisney platform,” a company spokesperson said in a statement. communicated in March. “This will be coupled with an assortment of new and improved products from the full range of the company’s brands, including adult clothing collections and artist collaborations, trendy streetwear, high-end home products and collectibles. “
But Disney isn’t the only company to reduce its business footprint in response to tough economic times. Read on to see what other stores are closing soon, and to learn more about businesses struggling to stay afloat, this beloved local burger chain has just declared bankruptcy.
Tuesday March 16, CEO of DSW Roger rawlins confirmed that the popular shoe retailer will close 65 of the 501 retail outlets it operates in 44 states. The decision was made after the company saw sales drop 34% amid the pandemic, Columbus Business First reports. “Until [customers] come back to us for the social occasion, this is the game we have to play, ”said Rawlins.
In March, the children’s clothing store The Children’s Place announced that it would close 122 stores in 2021. The news came after the brand already closed 178 of its locations in 2020 and saw store sales fall again by 7.8% between 2020 and 2021. The company cited the COVID-19 pandemic as the main reason for their recent losses, noting in a statement that the decision was “primarily driven by the impact of permanent and temporary store closures and by the negative impact of reducing hours of operation at our mall stores, as mandated by mall owners. “And to learn more about retailers who did not survive COVID closures, this beloved chain is closing all of its stores.
On Monday, April 5, The Collected Group – the parent company of clothing brands Current / Elliott, Joie and Equipment – filed for bankruptcy, citing significant losses from the pandemic. While the company announced that it would close all of its brick-and-mortar stores for all three brands, it said it would continue to sell products through its 305 wholesale channels in the United States and 272 overseas, which include department stores, digital retailers and fashion. rental services like Bloomingdale’s, Harvey Nichols, Neiman Marcus, Net-a-Porter, Nordstrom, Rent the Runway, Revolve and Saks Fifth Avenue.
In March, Gap Inc., the parent company of Gap, Banana Republic, Old Navy and Athleta, announced that it would be closing 100 Gap and Banana Republic stores around the world to focus on their more lucrative clothing lines and sales in line. But the announcement wasn’t all bad news for Gap Inc.’s brands – the company also said it plans to open up to 30 new Athleta stores and up to 40 new Old Navy stores in 2021. And to learn more about other iconic companies struggling to survive the pandemic, this beloved movie chain has just been filed for bankruptcy.