A giant restaurant with 20K stores now makes unexpected closures after 35 years of business in a building located in a downtown area.
Subway has shuttered a major location in downtown Oneonta, New York,
The location was seen with boarded-up windows with the Subway business sign being removed on Monday.
The Oneonta Subway has been closed for a few weeks, but the last day of its lease is officially on January 29, The Daily Star reported.
It has been operating in the location since 1989.
The building is renovating to eventually invite multiple businesses and services to use it.
Subway decided not to move forward with the spot and denied renewing its lease, according to the building owner Springbrook.
Springbrook is a nonprofit that provides innovative support for people of all ages with developmental disabilities.
“We are sorry to see them go,” Springbrook spokesperson Michael Basso told The Daily Star.
“Subway was a long-term, excellent tenant of the building.”
Springbrook also said it plans to have a new tenant taking over Subway’s spot by spring.
Subway had 20,603 locations across the U.S. as of 2023, according to Scrape Hero.
However, it has closed about 1,000 locations since 2021, Statista has reported.
In 2021, franchises got together and wrote the company saying that owning a Subway became a “nightmare” because the chain had allegedly been ignoring various complaints of too many restaurants, Business Insider originally reported.
“If Subway continues to ignore franchisees and do nothing, it wouldn’t surprise me if another 25% of the stores are gone in the next three years,” a franchise told Eat This, Not That! In 2022.
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Other Economy News Today
A massive retailer is now closing stores inside Target, part of a plan to reduce its density after already shuttering several locations.
CVS said this week that it plans to close some pharmacies that are located inside Target stores.
The pharmacy closures will begin in February and be completed by the end of April, a CVS spokesperson confirmed to Retail Dive.
The closures are part of CVS’ plan to realign its national retail footprint and reduce store and pharmacy density.
Employees affected by the Target store-in-store closures will be offered comparable roles within the company.
Unfortunately, CVS declined to identify the locations slated for closure.
However, the pharmacy retailer did state that it has about 1,800 locations inside Target stores.
Prescriptions at closing locations will be transferred to a nearby CVS Pharmacy, the company said.
CVS acquired Target’s pharmacy business in 2015.
The deal was worth a whopping $1.9 billion, The Wall Street Journal reported.
The partnership was “a significant shift” in Target’s business model, CEO Brian Cornell said in a blog post at that time.
Rather than invest its own resources into in-store healthcare, the company instead chose to rely on “an expert partner” which gave Target the bandwidth to focus on growing its overall wellness business, the company said.
“The closures are part of our plan to realign our national retail footprint and reduce store and pharmacy density and are based on our evaluation of changes in population, consumer buying patterns and future health needs to ensure we have the right pharmacy format in the right locations for patients,” CVS spokesperson Amy Thibault said in an email.
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