Massive Retailer Will Now Close A Major Location in Colorado

A massive retailer will now close a major location in Colorado, blaming ‘underperformance’ as the key reason.

Walmart announced Friday that they would shut up shop at their store in Aurora, Colorado.

The outlet will welcome customers for the final time on June 7.

“This decision was not made lightly and was reached only after a careful and thoughtful review process,” Walmart said in a news release.

“We have nearly 5,000 stores across the US and unfortunately some do not meet our financial expectations.

While our underlying business is strong, this specific store hasn’t performed as well as we hoped.”

Walmart added that the store’s 130 employees would be transferred to a nearby store.

“We are grateful to the customers who have given us the privilege of serving them at our Walmart store at 10400 E. Colfax Ave,” said Walmart spokesperson Kelsey Bohl.

Walmart has more than 4,000 stores across the US but bosses have announced a series of closures recently, per The-Sun.

In February, two Walmart locations in San Diego County, California, closed for good.

Weeks later, an outlet in West Covina, California, closed its doors for the final time.

Walmart store closures have also been reported in Columbus, Ohio, and Towson, Maryland, as well.

A Walmart Neighborhood Market outlet in Milwaukee, Wisconsin, will close on May 17.

The decision to shut the store caught shoppers off guard.

“I’m so sad they’re leaving. I call this my Walmart,” customer Ester Wells told NBC affiliate WTMJ-TV.

More than 100 workers are set to be affected, but they can move to another location.

Many business owners attribute the mass closure of retail stores to rising inflation throughout the US.

High inflation rates are causing companies to raise their prices higher than ever before.

Classic chains such as Dollar Tree, a retailer known for its low-cost items, announced that it will be raising prices on certain items to as high as $7.

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - Massive Retailer Will Now Close A Major Location in Colorado.
Market News Today – Massive Retailer Will Now Close A Major Location in Colorado.

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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Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - Massive Retailer Will Now Close A Major Location in Colorado.
Market News Today – Massive Retailer Will Now Close A Major Location in Colorado.

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