Why buy sunglasses at Walmart when there's Warby Parker?
Metrosexuals' buying habits mean retail giants are “overstored,” says The Washington Post.
Retail space, which mushroomed before the Great Recession, is growing at a pace slower than that of the US population, while retailers like Macy's and Jos. A. Bank shutter stores left and right.
But closing stores isn't the same as closing shop:
- Walmart, for example, will close 269 stores this year; but it will also open 300 new stores; and spend billions on a new e-commerce operation.
- Williams-Sonoma and other specialty chains will aim for a "sweet spot" of around 250 stores, while drawing more sales from e-com.
- Chains like Burlington Coat Factory will chop not the number, but the size, of their stores, packing "the entire assortment in a smaller box."
- Staples will repurpose its real estate by adding shared office spaces to stores.
- Sears will sublet space to Nordstrom Rack and Dick’s Sporting Goods.
HAT TIP: Michael Hatch led me to the Post article.