- Real Estate
- Food & Drink
March 5, 2019
The wave of national retail closures isn’t stopping, including recent announcements that could affect Sioux Falls.
Last week brought announcements of 465 store closures in 48 hours. Here’s what we know so far.
JCPenney announced it plans to close 18 department stores this year, including three that already were announced in January.
The retailer has more than 850 stores, though, and The Empire Mall location has performed among the best in the company.
Foot Locker announced it plans to close 165 stores this year. The closure list hasn’t been announced. The shoe retailer also plans to spend millions on upgrades to its remaining stores.
Foot Locker has more than 3,000 stores worldwide, including one in The Empire Mall.
There are changes coming for Gap, which announced it will close 230 of its namesake stores over the next two years. A list hasn’t been announced and is subject to board approval. Most of the closures are expected to come in 2020.
Sister company Old Navy will be spun off into its own publicly traded company, leaving the remaining brands Gap, Banana Republic and Athleta under Gap Inc.
Victoria’s Secret also reported same-store sales fell during the holidays. It plans to close 53 locations this year. That’s 4 percent of its more than 1,100 stores worldwide.
Victoria’s Secret has a location at The Empire Mall as well as a store for its Pink brand.
Several going-out-of-business sales are underway at The Empire Mall from retailers that declared bankruptcy earlier this year.
Payless ShoeSource, which has a location inside the mall and in a standalone building on its campus, has said some stores will close at the end of March, but many will be open until May.
Gymboree and Crazy 8 also are holding going-out-of-business sales.
The liquidation firm handling the bankruptcy has said the stores will stay open until merchandise is gone, which it expects to happen quickly.
The wave of national retail closures isn’t stopping, including recent announcements that could affect Sioux Falls. Last week brought announcements of 465 store closures in 48 hours. Here’s what we know so far.