MACY'S closed 50 stores before covid.
NOW 150!
https://nj1015.com/ixp/854/p/many-jobs-lost-beloved-mall-retailer-confirms-massive-closings/
I really think this is due to the high rents everywhere, considering the size of the buildings the leases must be enormous. I think this is why Olive garden close to 110 restaurants. You can't make the food any cheaper or people any sicker than chain restaurants having lease rent issues.
I really hope people vote on the economy this November.
Joining Big Lots claiming chapter bankruptcy today.
All part of the cabal planning.
Pretty soon us plebs. will have only amazon or wal-mart to choose from.
The wealthy will still have Rodeo in LA.
Not if the illegals have anything to say about it! Pretty soon it will be shop by invitation only, with armed guards at the entry point.
Restaurants in general don't make very high margins. They're just buying a product, putting a bow on it, and reselling it. They don't produce anything.
they produce tips for their employees, and taxes for the government.
Their clothes and their stores look like the old K-Mart. The quality and presentation has gone to shit.
Tired looking and poor quality. I long for the days of Joseph Horne and Higbees.
When we were little we only shopped at Joseph Horne.
waiting for them to announce the closing of their flagship store on herald square...
I always went to their flagship store and peruse around all the floors. They used to have such better quality. I'm still bummed about Lord and Taylor.
They recently closed the one on Kauai.
B.I. probably won't be far behind.
808 Got it 🤙
You hit something nice there.
“Rent”
Did department stores ever own their buildings before? McDonald’s uses that as a business model, so why is it rarely done by other stores?
If a company doesn’t own it’s stores, it has less investment in that area, and can treat the people like something to be fleeced, simply aiming to maximize returns, rather than a mutually beneficial situation.
What else might encourage stores to rent over owning and being directly tied to their locations and people?
Olive garden is closing 110 restaurants. Pasta is cheap. It's getting hard for restaurants to serve good food. The rents are high.
In our neighborhood there's a tiny Italian restaurant where they bought the building too in 1986. Same menu same good home Italian food. They own the building so they can afford to cook the way they always have.
Big difference in the business model these days trying to own a business and needing space. Just like a place to live.
Illegals with thousands of dollars handed to them are spending. US citizens not so much.