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For those of us that still like to shop tangibly, and touch and feel and inspect the merchandise that we’d like to purchase, this isn’t good news at all.

Digital retailers like Amazon are affecting how we shop in a HUGE way.  They are literally changing the landscape of retail.

 

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In fact, according to CNN/money.com,  it’s directly affecting the malls – and strip malls – that we shop at. In fact, “a June 2 report from Credit Suisse estimates 20% to 25% of American malls will close within the next five years.”

Just this past week, David Jaffe, CEO of Ascena Retail Group, which owns some of your favorite stores, like Ann Taylor, Dress Barn, Loft, Lane Bryant, Justice, Maurices and Catherines, says the company now plans to shutter between 250 and 650 locations over the next two years.

 

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It could get worse. Jaffe says “another 400 will close their doors unless the company can negotiate lower rents at those locations.”

More bad news?

  • Recently, the owners of Saks Fifth Avenue and Lord & Taylor said they’re cutting its workforce by 2,000 jobs.

 

  • Macy’s admits that it will close 68 stores and cut 10,000 jobs.

 

  • JCPenney is also shutting down 138 stores by late summer.

 

  • Even GameStop isn’t immune…it’ll close more than 100 retail locations.

 

  • Back in January, both Kmart and Sears announced that they’ll shutter 150 stores.

 

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Shop the brick and mortar stores while you can!