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Thread: 10 possible store closings in 2010

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    Rally Onion! Chip R's Avatar
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    10 possible store closings in 2010

    http://www.forbes.com/2010/01/20/ret...tner=yahooshop

    Where You Might Not Shop In 2010
    Tom Van Riper

    Tight-fisted consumers, plunging sales and shuttered stores. That was pretty much the retail story during the bulk of 2008 and 2009, when a drab market brought the headaches of overcapacity, liquidity problems (in some cases) and a round of consolidation.

    Will 2010 be better? To a degree. A lot of excess inventory has been drawn down, aligning supply with demand. Analysts hold up Starbucks, Foot Locker and Jones Apparel as healthy companies that are getting healthier because they've been smart enough to rid themselves of excess by shutting down locations.

    Slide Show: Who's Closing Stores In 2010?

    Most economic forecasters are anticipating a modest recovery this year. That, combined with consumers' voluntary rationing during the last two years, could spike demand for more goods. Industry economic consultant Retail Forward, part of Kantar Retail, forecasts 1.5% to 2% sales growth during the first half of 2010, with a pickup to 3% or more during the second half. That's promising but still below pre-recession levels.

    Of course the company bases its prediction for second half acceleration on an assumption of "renewed job and income growth," a scenario that's far from certain. And the past year saw plenty of store closings at major retail chains. Some--Circuit City and K.B. Toys--are already bankrupt. A few others--Blockbuster, Borders Group and Zale Corp. --are in tough financial shape.

    "The business they're in is hopeless," industry banker and consultant Howard Davidowitz bluntly says of Blockbuster and its movie rental service. Blockbuster planned to close as many as 960 stores during 2009 and 2010. While the company is taking the right steps in offering DVD rentals online and through an expanding line of kiosks, the breaking of store leases and other costs associated with such a transformation bring big risks of a cash squeeze, notes Davidowitz, who is chairman of Davidowitz & Associates in New York City.

    "We did have a liquidity problem in 2009," acknowledges Michelle Metzger, a Blockbuster spokeswoman. But she also notes that the company is selling overseas assets and has taken steps to extend the maturity dates on some of its $600 million-plus debt. Also in trouble: Movie Gallery. The Wilsonville, Ore., chain closed 450 stores in 2009, and plans at least 170 more this year (some published reports put the planned 2010 closings at 1,000; the company didn't return a call seeking comment).

    Borders Group, which is shutting down the bulk of its Waldenbooks stores, and Zales, the jeweler that's suffered during the recession-induced consumer cutbacks are also in hot water. Borders, whose stock has plummeted to just over $1.20 a share from almost $30 five years ago, is getting whacked by the "Amazon monster," as Davidowitz puts it, which is plaguing the whole bookselling industry.

    A Borders spokeswoman said the company is making every effort to drive store traffic by, among other things, moving away from music and movies and toward digital books and children's material.

    As for Zale Corp, a sales slump ignited 218 store closures and a 90% drop in the firm's stock price since late 2008 reflect the big squeeze that hit jewelers during the recession. In December, Citigroup declined to renew a private label credit card agreement the Zales, ending a 10-year relationship. Zales announced they'll close another 100 stores this year. The company did not return calls for comment.
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    Member ochre's Avatar
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    Re: 10 possible store closings in 2010

    so, if you find one of the 10 things not to buy, at a super marked-down price at one of these stores during their everything must go liquidation sales, is it still not ok to buy it?
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    Tired of talk. Win! Joseph's Avatar
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    Re: 10 possible store closings in 2010

    Were there 10 stores in there?

    I think I counted about 4 or 5.

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    Member Sea Ray's Avatar
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    Re: 10 possible store closings in 2010

    My guess is Sears and K-Mart would be on the list

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    Re: 10 possible store closings in 2010

    K-Mart has to be endangered...it is probably the worst of all the "big box" retailers to shop at. Horrible imaging, bad customer service and crap inventory. The only good thing about K-Mart is some have "Little Caesar Pizza Stations", where you can get a $5 pizza...

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    Be the ball Roy Tucker's Avatar
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    Re: 10 possible store closings in 2010

    We went to Borders last night for my wife to buy her bookclub book. The only reason why she keeps going there is that they email these 30-50% off books coupons.

    First, we look in all the logical places for the book. Can't find it. So we look up the book she wants on their store computer. It says "Not in stock - see associate to order". We go see the associate. She looks up the book and says "we have it". We said your computer said you didn't. She says "sometimes our computers are out of sync". I said "we looked everywhere". She said "its in the back room".

    I said "next time we'll just go to Amazon and skip all this dicking around".

    And this was after we tried to get a cup of coffee at 8:01 and the guy said "sorry, we close at 8".

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    Re: 10 possible store closings in 2010

    Quote Originally Posted by redsfan1966 View Post
    The only good thing about K-Mart is some have "Little Caesar Pizza Stations", where you can get a $5 pizza...
    That's a good thing?

    I'd say that Kmart has found the perfect pizza to represent their fading brand.

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    The Lineups stink. KronoRed's Avatar
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    Re: 10 possible store closings in 2010

    K-Mart has been crappy since the 1980's and somehow they survive.
    Go Gators!

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    Danger is my business! oneupper's Avatar
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    Re: 10 possible store closings in 2010

    Blockbuster unsecured debt is trading at 23 cents on the dollar. Any takers?
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    Titanic Struggles Caveat Emperor's Avatar
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    Re: 10 possible store closings in 2010

    Quote Originally Posted by Roy Tucker View Post
    I said "next time we'll just go to Amazon and skip all this dicking around".
    Sounds like a crummy experience, but I've usually had the exact opposite feeling -- going to the bookstore is one of my favorite things to do. I enjoy browsing titles and having the ability to pick up a book and read a little bit before I buy. If a book looks interesting, I can hop online with my phone and get some quick reviews before I buy.

    I also like being able to hop into the car (or stop on my way home from work) and have a new book in hand immediately.
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    Hisssssssss Yachtzee's Avatar
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    Re: 10 possible store closings in 2010

    Quote Originally Posted by Joseph View Post
    Were there 10 stores in there?

    I think I counted about 4 or 5.
    The thread title is misleading. The article was about which businesses are closing stores, not which ones are closing up shop entirely. They included Starbucks and Jones Apparel among the 10 in the slideshow, even though the article indicates they are healthy companies getting healthier.

    I'm not surprised about video rental places like Blockbuster and Hollywood Video doing poorly. From what I'm seeing in my neck of the woods, they are not only getting trounced by Netflix and other options, but they're also getting their bums kicked by Family Video, which has been growing like crazy around here in the past 5 years. Their rental prices are low enough to beat Blockbuster and even compete with those Red Box vending machines at the grocery store.

    I hope booksellers like Borders are able to stick around. I often prefer buying a book at the store for the instant gratification. Plus I like the smell of bookstores. . . and the fact that I can occasionally find a hidden gem in the foreign lit. section. I think they'd be wise to ditch the music and video sections of the store and just focus on books.
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    Re: 10 possible store closings in 2010

    Last night I saw a commercial for one of those fly-by-night "liquidation" expos. You know the ones -- where the announcer shouts in rapid succession a bunch of products at seemingly impossible prices. "Fosgate Car Stereos, $10!!!"

    Anyhow, the announcer runs through the Bay Area dates and locations and it's like a tour of a retail wasteland: "January 21st in Concord at the former Linen N Things, January 23rd in Cupertino at the former Mervyn's, January 30th in Berkeley at the former Circuit City.

    The American Perestroika continues.

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    Just The Big Picture macro's Avatar
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    Re: 10 possible store closings in 2010

    Quote Originally Posted by KronoRed View Post
    K-Mart has been crappy since the 1980's and somehow they survive.


    Maybe Raymond Babbitt was right.

    Help stamp out, eliminate, and do away with redundancy.

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    Member SandyD's Avatar
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    Re: 10 possible store closings in 2010

    Quote Originally Posted by Caveat Emperor View Post
    Sounds like a crummy experience, but I've usually had the exact opposite feeling -- going to the bookstore is one of my favorite things to do. I enjoy browsing titles and having the ability to pick up a book and read a little bit before I buy. If a book looks interesting, I can hop online with my phone and get some quick reviews before I buy.

    I also like being able to hop into the car (or stop on my way home from work) and have a new book in hand immediately.
    I like to order books for store pick up at Barnes and Noble . com. Then I shop the store, and always find another book or two.

    I used to order a lot from amazon, but I'm trying to buy more locally if I can. If it's not in stock, though, or if I want to preorder, I'll just order online.

  16. #15
    Rally Onion! Chip R's Avatar
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    Re: 10 possible store closings in 2010

    Quote Originally Posted by SandyD View Post
    I like to order books for store pick up at Barnes and Noble . com. Then I shop the store, and always find another book or two.

    I used to order a lot from amazon, but I'm trying to buy more locally if I can. If it's not in stock, though, or if I want to preorder, I'll just order online.

    I'm kind of old fashioned in that I like to go into book stores and browse around. Before X-Mas, I just decided to stop in a Walden's and right as I walked in I saw a book about the Normandy Landing I got for my nephew. I found a Kung-Fu Panda book there I got for my niece and a book for my mom for her birthday. No shipping charges either. The only regret I had was I didn't have one of those coupons Borders keeps sending me. I don't know if I could have done that with Amazon. I like Amazon too but it's not the same as actually going into a store and browsing for books.

    My dad feels Starbucks has gone downhill because they changed the kind of beans they use for their coffee. I don't drink coffee so I don't know how true that is.
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