What is the retail collapse?
As department stores and chain stores have suffered since even before the pandemic, discount retailers – including Five Below, HomeGoods, TJ Maxx and Dollar General – are stepping up to open more stores in the coming months.
TJX, the parent company of TJ Maxx and Marshalls, will open 81 stores across its brands in 2021, Business Insider reported. He has big plans in particular for HomeGoods, with the intention of increasing his number of stores from 821 to 1,500 in the coming years.
Dollar stores also performed well during the pandemic. Dollar Tree created 79 new stores and renovated 106, and plans to add 600 stores in 2021, according to the report. Sales are up 7.2% from last year.
Dollar General, which focuses on rural markets, added 1,000 stores in 2020 and plans to open an additional 1,051 stores in 2021. The brand’s third quarter sales increased 17% year over year .
And Five Below plans to add up to 180 new stores in the United States this year. Its net sales increased 21.1 percent over the holiday season.
Still, a retail bloodbath is coming in 2021: A recent report predicted that up to 10,000 stores could close this year. Larger retailers, especially those that have anchored malls, are among the most threatened: Macy’s, for example, plans to close 45 stores this year.
[BusinessInsider] -Keith Larsen