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Online Competition

New Haven, CT
Business
Walgreens Announces Dozens Of Upcoming Closures, Including In New Haven County Walgreens Announces Dozens Of Upcoming Closures, Including In New Haven County
Walgreens Announces Dozens Of Upcoming Closures, Including In New Haven County Walgreens announced this past fall that it will close about 1,200 stores over three years amid a decline in prescription drug payments and a rise in online competition. About 500 of those closures will be in 2025. Now, the locations of some of the specific stores slated to go out of business are emerging and being posted at walgreens.com. Connecticut East Hartford, 922 Silver Lane: Permanently closing on Tuesday, May 20. East Haven, 157 Main Street: Permanently closing on Thursday, May 22. New Britain, 1350 Stanley Street: Permanently closing on Monday, May 19. New Milford, 173 Danbury R…

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by Joe Lombardi
New Rochelle, NY
Business
Recession Fears Rise As Consumer Confidence Sees Steepest Drop Since 2021 Recession Fears Rise As Consumer Confidence Sees Steepest Drop Since 2021
Recession Fears Rise As Consumer Confidence Sees Steepest Drop Since 2021 Consumer confidence took its biggest dive in more than three years, adding to growing concerns over inflation, job security, and the broader economy — as Americans grapple with high prices and uncertain financial conditions. The Conference Board's Consumer Confidence Index fell 7.0 points in February to 98.3, the nonprofit business research group said on Tuesday, Feb, 25. That marks the metric's steepest monthly decline since August 2021. The Expectations Index also dropped 9.3 points to 72.9. That number gauges consumers' outlook on jobs, income, and business conditions. Fo…

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by Chris Spiker
Hartford, CT
Business
All Joann Stores In CT Closing Among 500 Locations Nationwide: See The List All Joann Stores In CT Closing Among 500 Locations Nationwide: See The List
All Joann Stores In CT Closing Among 500 Locations Nationwide: See The List Joann is set to close more than half of its stores nationwide, marking a major contraction for the arts and crafts retailer as it navigates bankruptcy for the second time in less than a year. The Ohio-based chain, which operates about 800 locations, will shutter around 500 stores, a company spokesperson confirmed to the Daily Voice. The move is part of a broader restructuring effort as the company seeks to stabilize its finances following a Chapter 11 bankruptcy filing in January. The spokesperson said the decision was "very difficult" but critical to Joann's future. "A careful a…

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by Chris Spiker
White Plains, NY
Business
Walgreens To Close 1,200 Stores Walgreens To Close 1,200 Stores
Walgreens To Close 1,200 Stores Walgreens plans to close about 1,200 stores over three years amid a decline in prescription drug payments and a rise in online competition. About 500 closures will come in 2025, the company announced in a statement released Tuesday morning, Oct. 15. Specific sites for store closures were not announced. Walgreens said its operating loss in fiscal 2024 was $14.1 billion, an increase of 104.5 percent compared to the year-ago period. Retail sales decreased 3.5 percent compared with the year-ago quarter, "reflecting a challenging retail environment and continued channel shift," Walgreens s…

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by Joe Lombardi
Fairfield, CT
Business
Route 1 Lowe's Store To Close Amid Restructuring Route 1 Lowe's Store To Close Amid Restructuring
Route 1 Lowe's Store To Close Amid Restructuring An area Lowe’s location will be shutting down as the company announced that it will be shuttering the doors of 51 stores in the United States and Canada. On Monday, Lowe’s announced that it would be closing dozens of underperforming stores as part of a “strategic reassessment,” including the location on Route 1 (Boston Post Road) in Orange. The company has cited difficulties in dealing with online competition as a reason for refocusing their retail plan. "The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business," said CEO Marvin Ellis…

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by Zak Failla