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Store Closings Surge To Highest Level Since Pandemic: Why 2025 Could Be Worse Store Closings Surge To Highest Level Since Pandemic: Why 2025 Could Be Worse
Store Closings Surge To Highest Level Since Pandemic: Why 2025 Could Be Worse Retail store closures surged in 2024, reaching their highest levels since the start of the pandemic, a new study said. A total of 7,325 U.S. stores closed in 2024, driven by inflation and an increasing shift toward online shopping, according to retail data firm Coresight Research. The closings marked the steepest decline in brick-and-mortar retail since nearly 10,000 stores closed in 2020. While 5,970 stores opened—the highest yearly number since 2012—closures outpaced openings by a net loss of 1,355 stores.  "Retailers that were unable to adapt supply chains and implement t…

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by Chris Spiker
Business
Kohl’s Closing 27 Stores Across The US Including In NJ Kohl’s Closing 27 Stores Across The US Including In NJ
Kohl’s Closing 27 Stores Across The US Including In NJ Kohl’s announced Thursday, Jan. 9, the closure of 27 underperforming stores, including locations in Pennsylvania, New Jersey, Massachusetts, and Virginia, as part of its 2025 real estate changes. The closures are expected to be finalized by April 2025 and are part of the company’s strategy to strengthen its store portfolio while adapting to evolving consumer trends. Among the affected locations are stores in Pennsylvania, New Jersey, Massachusetts, and Virginia. Pennsylvania Pottstown – 351 W Schuylkill Rd. New Jersey East Windsor – 72 Princeton Hightstown Rd. Massachusetts Stoug…

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by Jillian Pikora
Business
Gen Z Leads Black Friday Frenzy At Garden State Plaza, Smashing Sales Records Gen Z Leads Black Friday Frenzy At Garden State Plaza, Smashing Sales Records
Gen Z Leads Black Friday Frenzy At Garden State Plaza, Smashing Sales Records Shoppers flocked to the Westfield Garden State Plaza this Black Friday, making it the mall's most successful event since 2018, mall officials said. The center opened its doors at 7 a.m. on Friday, Nov. 29, but eager crowds had already formed long lines outside popular stores like UGG, Sephora, Lululemon, Aritzia, and Macy’s, according to Wesley Rebisz, senior general manager of Westfield Garden State Plaza. Extended hours, from 7 a.m. to 11 p.m., gave shoppers more time to score deals, with the mall remaining packed well past 9 p.m. Rebisz attributed the record turnout to effective promoti…

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by Cecilia Levine
Business
Macy's Employee Hid Up To $154M In Expenses Since 2021, Company Says Macy's Employee Hid Up To $154M In Expenses Since 2021, Company Says
Macy's Employee Hid Up To $154M In Expenses Since 2021, Company Says A Macy’s employee misstated up to $154 million in delivery expenses over several years, the company just said. The development forced the retailer to delay its third-quarter earnings report. The employee, whose name has not been released, has been fired. According to the company, the employee responsible for accounting small package delivery expenses made erroneous accrual entries to conceal the costs from the fourth quarter of 2021 through the most recent quarter. During that time, Macy’s reported a total of $4.36 billion in delivery expenses. The company conducted an independent investi…

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by Joe Lombardi