(CBS) — Retail stores seem to be going the way of land lines: near extinction. All across the country, stores are going dark.
What is surprising is it’s not just Internet shopping wiping out brick-and-mortar stores, CBS 2âs Dana Kozlov reports.READ MORE: Jensen Elementary Mother Dies From COVID-19 After Daughter Exposed At School
If you don’t see it, you hear about it: stores closing. Hundreds of them, and analysts say there will be more to come.
From hh greg to Lane Bryant and Staples to JC Penny, dozens of retailers are repositioning for the future, or just going out of business. Some malls are now on a potential casualty list. Even popular retailers like Sports Authority couldn’t make it work.READ MORE: Woman Struck And Killed When Car Jumps Curb, Hits Building In Gresham
Over-saturation is to blame, says Morningstar’s Bridget Weishaar, who notes there are not enough shoppers to physically fill all the stores.
Experts point to other factors, like decreasing demand for clothing and, of course, the rise of on-line shopping, with companies like Amazon making it more convenient than ever.Â But does this mean the slow but inevitable death ofÂ walk-inÂ retailers?
Weishaar doesn’t think so. “I do think you’re going to see some malls go under,” she says. “There’s just way too much real estate out there. But for what remains, there’s always going to be a need for stores — to see it, to touch it.”MORE NEWS: Cook County Gives $200,000 Grant To Social Service Agency Lawrence Hall
So, what is doing well?Â Discount retailers, along the lines of Nordstrom Rack. Despite the demand dip, those that are out buying clothes, want the best deal.