Many of our favorite stores to shop will be vanishing from our nearby malls this year. Retailers like Victoria’s Secret, GAP and JC Penney have announced that they unfortunately are closing locations across the U.S.
According to CNBC, Victoria’s Secret will be closing 53 stores, GAP will will be closing a whopping 230 stores while JC Penney will be shutting down 18 stores, including none of their furniture stores.
Over the past two years, VS has lost reportedly lost 3.8 million customers to other online retailers like Amazon and Aerie. Last year, 30 stores were closed in an attempt to leave malls that weren’t doing so great. Their annual fashion show wasn’t a hit either, with only 3.3 million viewers tuning in, its worst ratings in the show’s history.
The GAP will also be splitting up from Old Navy into it’s own publicly-traded company. While Old Navy sales have grown, the GAP has seen a decline, specifically during the holiday season. The closure of 230 of its locations over the next two years will cost them $625 million.
“There are roughly 1,200 malls in the U.S. and only 250 “great ones” that aren’t in trouble right now,” CEO of consulting firm J. Rogers Kniffen Worldwide told CNBC. “I think we see more store closures in 2019 than in 2018. This year is already ahead of last year.”
Other stores that have fell victim to the online shopping world include Payless Shoesource, Foot Locker and Banana Republic.