‘A retail apocalypse’: Big box and chain retailers undergo wave of closures
Customers who ventured into Rite Aid at Gittings Marketplace during its final week in mid-June found a shuttered pharmacy, empty refrigerator cases and an assortment of greeting cards and beauty products at 90% off, but little else.
Across from the North Baltimore drugstore on York Road, a Party City sign tops a building that the balloon and party supply retailer left in February. Three miles away at Towson Place, vast pockets remain at former Bed Bath & Beyond and Walmart stores.
It’s a pattern repeated across the Baltimore region and elsewhere as struggling “big box” and chain retailers accelerate store closures amid intense competition, economic challenges and consumers’ growing reliance on online shopping. Some retailers filed for bankruptcy. Many, backed by private equity, expanded too quickly and became burdened with debt.
Looming trade tariffs and a slowing economy won’t help, but “every retailer that’s closed has had something else that’s not been going quite right for them, and they’ve been pushed over the edge,” said Neil Saunders, managing director of GlobalData, a retail analysis and consulting firm. “Some of the retailers that have failed weren’t really innovating or thinking about the customer very well.”