Bed Bath & Beyond has announced the first 63 stores it will close by the end of the year as part of a restructuring plan brought on by Covid-19. 7. The consumer real estate industry was built on relationships and the major adjustment in this intense time of change and unpredictability will be centred around the reorganization of relationships throughout the consumer real estate transactional chain.”. The parent company of Kay Jewelers and Zales said it would close more than 150 stores locations in fiscal 2020 amid declining store traffic. Tuesday Morning store closings will be around 230. Chico’s has announced that it will be closing up to 250 stores in 2020. Michael Kehoe, Broker/Owner of Fairfield Commercial Real Estate in Calgary and a veteran of the industry, said retail is always changing and evolving, and we have seen 10 years of change in the past seven months in this time of accelerated disruption. GNC, which has been selling nutrition and diet products since 1935, is slimming down in a big way. Ascena’s other brands in Canada, Puerto Rico and Mexico would be permanently closing an additional 7 stores. Walmart just announced that they will soon be closing 154 locations in 26 states throughout the U.S., affecting close to 10,000 employees.. CVS - Closing 46 under-performing locations including its famous Springfield, Missouri location known as the "largest CVS in the world". Some could be acquired by one of the mega retailers looking to pick up a distressed brand. Ascena Retail Group: 1,100 stores. Ascena’s other brands in Canada, Puerto Rico and Mexico would be permanently closing an additional 7 stores. Come the new year, retailers will liquidate any retail inventory and shut their doors because they can’t hold on anymore.”. They will regroup for holiday 2021 which will be a better time to be a retailer.” Winder said Amazon will be Canada’s new holiday store and that it will give Canadian Tire, Walmart, and Costco a run for their money. – Nov 5, 2018 1:05 Lowe’s to Close 31 Stores in Canada WATCH: Lowe's Companies Inc is closing 31 underperforming stores in Canada, including some of its Rona locations. https://www.businessinsider.com/walmart-stores-closing-list-2019-3 Small and mid sized retailers will disappear with silence, it will be the only thing that saves larger players. BREAKING: Hudson's Bay has made the decision to temporarily close all its stores, effective immediately. Private Equity will not bother with retail it is a hands off this sector. I refuse to spend one dime with Amazon, even if they guarantee it in an hour! Gap will close up to 230 stores. Bed Bath & Beyond Inc. plans to close 200 stores or 21% of Bed Bath stores over the next two years. Canada Edition CLOSE. After days of silence, Canada's iconic department store announced on Tuesday that it will close all 89 locations across the country, effective immediately. Closures will have a major impact on retailers, large and small, hoping for Christmas and Boxing Day rushes at physical stores. Over 50% of department stores in malls predicted to close by 2021, real estate services firm says. Canada's Jean Machine Is Closing All Its Stores Estee Lauder Wants Deciem CEO Ousted Over 'Erratic, Offensive' Behaviour Canadian Chain Deciem Shuts Down Amid Claims Of 'Criminal Activity' ... all of the more the than 800 Justice locations will be permanently closed by early 2021. You can unsubscribe anytime or. These Pictures Show Why They Were Such a Failure. Starbucks is closing an additional 200 store locations across the US and Canada to make way for a more efficient store model. Loblaws said Wednesday it plans to close 22 unprofitable stores. Structured Finance Association’s SFCanada 2020 at Fairmont Royal York - cancelled . News. “Some will have a hard time securing inventory for the all-important fourth quarter with cash in short supply and credit tapped out. He worked for 35 years at the Calgary Herald covering sports, crime, politics, health, faith, city and breaking news, and business. Loblaws said Wednesday it plans to close 22 unprofitable stores. Bath & Body Works - 24 locations primarily in the U.S. will be closing for good. Craig Patterson, Editor-In-Chief and Founder of Retail Insider, described the trend in store closures as “catastrophic”. “Now we’re seeing a fairly substantial number of bankruptcy filings. Others are restructuring. Building owners and their lenders will adapt and governments will need to get out of the way so as not to impede or delay the transformation of retail properties as they enter a new era to better serve the consumers in the markets where they are situated. The store's nostalgic 90s-themed pop-up shops — which were supposed to run until April 2020 — will also close. Canada's Most-Read Online Retail Industry Publication. 2 months ago Video. Canada: top 10 online stores by revenue 2018 . As a result, we are closing a number of stores across the Gap Inc. fleet, including our Gap brand store on Bloor Street at the end of January 2021. For those that were caught with outdated business models, weak balance sheets, less than exciting brands, short-term investors or near-sighted landlords the holiday will be their swan song,” said Bruce Winder, author of RETAIL Before, During & After COVID-19 and President of Bruce Winder Retail. BREAKING: Hudson's Bay has made the decision to temporarily close all its stores, effective immediately. Lowe's announced Monday, November 5 that they will be closing 51 stores in the United States and Canada.. The home improvement store said in a press release the locations are underperforming. As its parent company Regent plans to downsize the chain, La Senza will be closing 17 stores across the country. Faced with stingy consumers, fading government subsidies and in some cases mounting deferred rent due, liabilities will exceed assets and they will enter CCAA (protection from creditors) and in many cases liquidate. “Although we are in the thick of the transformation of the consumer real estate and the retail industry, we are still in the birth canal of this process and will be well into 2021. Updated November 20, 2019 10:46 am. Number of store closings: 154. No part of any of the content of this website may be reproduced, distributed, modified, framed, cached, adapted or linked to, or made available in any form by any photographic, electronic, digital, mechanical, photostat, microfilm, xerography or other means, or incorporated into or used in any information storage and retrieval system, electronic or mechanical, without the prior written permission of Retail Insider Media Ltd. or the applicable third party copyright owner. Here are the stores Lowe’s is closing in Canada in the new year. Target Is Closing All of Its Stores in Canada. Here's the list of the first 63 stores to shutter. Others will scrape by with e-commerce running full tilt and store traffic lower than last year but enough to pay the bills. Many retailers and building owners are struggling to cope with the changes and an unknown future that will be either terrifying or exciting as we strategize for ‘what could be’ for the retail future in Canada,” he said. By Hope Ngo / July 20, 2020 1:05 pm EST. Winder said Amazon will be Canada’s new holiday store and that it will give Canadian Tire, Walmart, and Costco a run for their money. The retailer reportedly had more than 1,500 stores in the U.S. and Canada under all its brands as of August 2019. Canadian Music Week - postponed until 2021. Unfortunately that format involves shrinking stocks and closing more stores. The Toronto Vocal Arts Festival - postponed until September 22 to October 4. Hudson's Bay will pay store associates for all scheduled shifts, but it's unclear whether the store will provide employees with financial assistance beyond that. You can think of days when people traditionally exchange gifts like Valentine’s Day, Mother’s Day, Thanksgiving or Christmas. May 19 to 23. Lowe's announced Monday, November 5 that they will be closing 51 stores in the United States and Canada.. Canada’s Main Streets and Small Businesses Face Uncertainty with Declining Foot... Ontario Retail Shutdown Extension into January 2021 will Cause Severe Harm... Canada Goose to Open 1st Ottawa Store as it Unveils 3rd Toronto Location, Shaw Communications to Open 12 New Concept Stores in Western Canada [Photos]. If you think it’s bad now for the retail sector in Canada, you ain’t seen nothing yet — just wait until early 2021.