Economic Revival? Large retail chains inquire, "What revival?"

Economic Recovery? Big Box Stores Ask “What Recovery?”

Craig HueyEconomics, Government, Congress, and Politics Leave a Comment

President Obama claims that the country is better under his administration, and the economy has recovered.

And yet major retailers are closing stores all over the country.

Granted, new business models and technological advances have forced retails to shift their business strategies and cut costs. But spending is down, too, as consumers cut costs and tighten their budgets following anemic growth.

The following companies have already reported bad quarters over the last year, and are closing a record number of stores:

Target (closing 13 stories)
Kohl’s (closing 18 stores)
K-Mart (24 stores)
Best Buy (closing 30 stores)
Macy’s (36 stores)
J.C. Penny (40 stores)
Aeropostale (84 stores)
Finish Line (150 stores)
The Gap (175 stores)
Sports Authority (200 stores, declared bankruptcy this year)
Wal-Mart (269 stores)
Office Depot (400 stores)
These closures are now affecting rural and suburban areas, many of which now have no local stores to shop in at all.

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