A Massive US Company Is Now Closing 500 Locations

A massive US company is now closing 500 locations between 2024 and 2025, including some joint ventures, sources confirm.

Shell has announced it will be divesting from hundreds of locations by the end of 2025 as the company is switching its focus to growing its public network of electric vehicle charging stations.

In its 2024 Energy Transition Strategy, the company confirmed that Shell plans to divest 500 Shell-owned sites – including some joint ventures – in 2024 and 2025.

The company said the move is “in response to changing customer needs” as they are looking to expand EV charging and convenience offers.

It was not immediately clear which sites will be directly impacted by the divestment and where they are located globally, per The-Sun.

However, the divestment is expected to only make a small dent in the number of Shell-operated sites worldwide.

In June, 2023, Huibert Vigeveno, who leads the company’s downstream, renewables and energy solutions business, told Bloomberg that 500 sites make up approximately 4% of Shell’s locations.

Meanwhile, others have suggested the closures will decrease Shell’s retail footprint by around 2.1%, according to Yahoo Finance.

Shell, widely known for their yellow and red logo featured at gas stations across the country, appears to be leaving behind the traditional way to power cars as it ramps up its efforts to support EVs.

“We are looking to strengthen our global retail and lubricants marketing businesses as the energy transition evolves, meeting the changing needs of our customers, and making value-driven choices region by region,” the company said in their 2024 strategy.

Customers can expect Shell to grow its number of charging stations for EVs in large markets such as China, Europe and the United States.

In China and Europe alone, Shell has said it is seeking to increase its number of public charging stations from 54,000 to around 200,000 by 2030.

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Also Read: A Crafts Retailer Now Declares An Official Bankruptcy

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Market News Today - A Massive US Company Is Now Closing 500 Locations.
Market News Today – A Massive US Company Is Now Closing 500 Locations.

A US company now announces its reason for unexpected closures after several stores have already shuttered nationwide.

Macy’s CEO, Tony Spring, who took the helm just last month, remains confident that the department store still holds an important role in consumers’ lives.

The 150 Macy’s stores slated for closure in the next three years make up 25% of the banner’s square footage but represent less than 10% of sales, CEO Tony Spring said during a discussion at Shoptalk on Sunday.

The retailer has “too many locations that were built for a different era,” Spring said, adding that the company has “no choice” but to close stores if it wants to thrive and not just survive.

As of February 3rd — a couple of weeks ahead of the latest store closing announcement — Macy’s Inc. had 718 stores across its portfolio, which in addition to its namesake banner includes Bloomingdale’s and Bluemercury.

The breakdown at that time was 502 Macy’s, 57 Bloomingdale’s and 159 Bluemercury locations.

The Macy’s banner had about 101 million gross square feet; overall the company said it had 101.3 million square feet.

“Of course, we’re very sensitive to the impact a Macy’s closure has on our colleagues, our customers, our vendors and the local community,” Spring said.

“But this is a critical step as we move forward.

This isn’t about shrinking.

It’s about improving historically, to make sure that we’re giving people the opportunity to shop the way they want.”

The department store sector remains challenged, with competition heating up from off-pricers and digitally native brands, Spring said.

“The weekday trips to the mall are just not as common or as frequent,” he said.

“And yes, we all need to invest more in our stores. On top of that, digital disruption has forever changed the way people think about the business.”

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Also Read: Iowa Now Hit By Massive Layoffs In Its Manufacturing Sector

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Market News Today - A Massive US Company Is Now Closing 500 Locations.
Market News Today – A Massive US Company Is Now Closing 500 Locations.

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