An unexpected retailer is now closing in Washington DC for good towards the end of May, triggering a fire sale for locals.
Readers are rushing to pick up $2 books after Barnes & Noble confirmed a location will be shuttered for good, reports The-Sun.
The retail chain announced its Washington DC location at Catholic University will be closing on May 23.
The abrupt Barnes & Noble closure was announced with signpostings urging customers to take advantage of the sale, local news site PoPville first reported.
In a statement, the company said all general reading books can be purchased for just $2.
Over 1,000 books are still left in several sections, including fiction, non-fiction, biography, romance, and more.
Barnes & Noble said it would leave the location and the university permanently.
“A new vendor will run this store location but with clothing only, no books,” the brand said in the statement.
Signs inside the retailer show any book marked with a red dot can be purchased for $2.
Bookworms have voiced their excitement at the sale and said in social media posts they are racing to enjoy the savings.
“Got 16 books for $33 saved $409,” one person said on X.
Another person said many of the best titles had been taken, but added that she managed to secure a few good bargains.
This year, Barnes & Noble has seen several closures throughout the US.
In January, a beloved New York City location shuttered after a landlord decided to “redevelop” the building.
“It has been our honor and privilege to be your bookseller here in Tribeca for the last 16 years,” the location announced in a letter to customers.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
A whopping 3,000 retail stores will now close this year after popular clothing brands Rue21 and and Express announced their closures.
The list now grows to approximately 3,100 stores shutting down by the end of this year, per The-Sun.
And this number figure is expected to grow as more businesses announce closures throughout the remainder of the year.
Rue 21 recently announced bankruptcy and a plan to close all 540 remaining stores across the US in the next six weeks.
Express also announced plans on closing over 100 stores across the US in addition to a store closure in Central New York.
If the rising rate of retailers closing down stores continues, an estimated 8,000 locations will be closed by the end of the year.
That many closures would be 40% more than the US saw last year.
In 2023, over 4,000 retailers shut down stores, which was twice the amount of store closures from 2022, according to the National Retail Federation.
2023 also saw the closing of hundreds of Bed, Bath and Beyond stores after the major retailer filed for bankruptcy.
The retailer cited inflation as the primary reason for shutting down its in person stores, moving to an online only format.
The inflation rates from January 2023 to January 2024 increased by 3.1%, with food prices rising by 2.6%, as reported by the Bureau of Labor Statistics.
In response to the rising rate of inflation, many stores are raising prices or risk closing.
One Canadian supermarket, Loblaws, raised its food prices so dramatically that customers are staging a boycott for the whole month of May.
The Dollar Tree, a retailer known for everything in its stores being $1 or less, announced that it will be raising prices on certain items to as high as $7.
“This year, across 3,000 stores, we expect to expand our multi-price assortment by over 300 items at price points ranging from $1.50 to $7,” the company’s CEO, Rick Dreiling, said during an earnings call.
The last time the discount chain announced a price hike was in 2021 when prices on select items went from $1 to $1.25.
Aside from raising its prices, Dreiling also announced that over 1000 stores will most likely be closing in 2024.
Other major retailers such as Walgreens, Walmart, and JCPenney announced major closures this year.
Walmart announced store closures in California, Ohio, and Maryland–totaling to six closures so far this year.
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