The fall of brick and mortar stores continues
(INDEPENDENT SENTINEL) – Economic woes, competition from online stores, and retail crime are altering the retail landscape. Big Box stores, inflation, and pro-crime policies are the biggest problems for the beloved brick-and-mortar stores.
Rite Aid closed hundreds of stores amid its Chapter 11 bankruptcy proceedings. It is now shuttering an additional 85 stores, primarily in Ohio and Michigan. In total, Rite Aid has closed 434 stores.
Rite Aid isn’t alone in this downsizing trend. CVS made waves in 2021 with its announcement to close 900 stores over three years, aligning with market shifts and demographic changes. Similarly, Walgreens has closed many stores, citing profitability challenges and overlapping store locations.
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