Retail Store Closings

[Walt34]

I am always amused when I go to a store for something, they don't have it, and the clerk tells me 'I can order one and have it here next Tuesday.' I can order it myself, and have it deliver to my house, why even go to a retail store?

This just happened to us yesterday. DW wanted a specific type of hanging file folder to set up the 2016 file system (she's meticulously organized) and since we were driving past an OfficeMax store anyway we stopped there. They didn't have it, so I ordered it off their web site, foolishly not shopping elsewhere first. When later I looked at the same product on Amazon, it was almost half the price and free shipping.

Lesson learned. It'll be snowing in Hades before we go back to that OfficeMax store.

The Sears store nearest here closed up ~four years ago and the last time we were in the local mall I wondered how they made enough to keep the lights and heat on, let alone pay employees. I don't expect it to be there much longer.

 

[tmm99]

Where would old people go for a walk in bad weather if we didn't have big malls?


Sent from my iPhone using Early Retirement Forum

 

[RetiredGypsy]

Craftsman quality isn't what it used to be (though that's certainly not all Sears fault), the first glaring example I saw was ratchet handles - nowhere near as good as the ones I have. I am just glad I still have all the Craftsman tools my Dad wisely gave me when I was a 20-something (and some I bought myself), most from 40 years ago. Fortunately they will last my lifetime at least if I take care of them, and I do. They're one of my prized possessions!

Oh I'm jealous! I've been scouring swap meets and thrift stores trying to find quality Stanley or Craftsman tools. Most that I've found need some major TLC, which makes me think if I start stripping away rust on screwdrivers and wrenches the tolerances won't be much better than the current made in China stuff. Oh well. I guess in the long run a nice set of German-made tools or Snap Ons wouldn't break the bank.

I could be wrong, but I thought Western Forge in Colorado Springs, Colorado made a lot of the Craftsman hand tools. They used to be one of the biggest OSHA offenders in the state because of injury issues related to the forging of the metal tools.

Edit: just found this link about Western Forge. Not sure about the China manufacturing. Layoffs likely at Western Forge tool manufacturing plant in Colorado Springs | Colorado Springs Gazette, News

Seems like it's some tools are made in China by Danaher/Apex, some by Western Forge. Seems like Stanley does something of the same depending on what kind of tool you get and where you get it from.

https://en.wikipedia.org/wiki/Craftsman_(tools).

I was thinking of Danaher that makes the Home Depot, Lowes, and Sears tools. Though apparently Craftsman was sold off again in some kind of merger/split to another company.

 

[Bestwifeever]

This story about Sears stores is quite moving imo. A reflection of the times as well as the store, but sweet. Sears and me: A debt that's impossible to repay - Chicago Tribune

I grew up in New England in abject poverty, with an older brother and a younger sister. ... Even when we were living in what passed for a home, we often had no electricity, no phone and, worst of all in the frigid New England winters, no heat. But many times what we could count on in whatever town we found ourselves living in was a Sears....

At age 10, I was forced into becoming the unofficial head of our family. Soon after that, I remember leading my siblings from our dark and heatless home on a Saturday to the local Sears.

There, it is no exaggeration to say, we found heat, friendly smiles from the staff and a mental and physical lifeline.

 

[Ronstar]

I only go to malls a few times a year with DW, never to buy something for myself. I have most of the tools that Sears sells, so I have no reason to go there. I do go to big box home improvement stores about 3 times a week.

 

[rmark]

Craftsmen lifetime warranty tools and Craftsman one year warranty tools are separate manufacturers with the latter made in China. Or so I've been told, haven't researched it myself.

 

[bradaz2488]

I really like online shopping for the best deals. Mostly on Amazon & EBay. If the trend continues with major brand brink-and-mortar stores closing we could potentially see higher prices for online purchases with less competition. If the these major band stores can make the transition to online to compete with the Amazon's then maybe we can still get the great deals. Lets hope this is the case.

 

[Options]

Add The Limited to the list:

The Limited is closing all remaining stores by Sunday; all online sales are final | cleveland.com

 

[Ronnieboy]

I can't remember the last time I went into a mall, it might be been to see a movie? It seems the mall closest to me (a few towns south, 15 miles or so) are trying to re-invent themselves with adding restaurants, off shoot buildings that have business tenants in the bottom and condo's above (this type of setup is relatively new to our area), etc. etc.

One of my biggest concerns is how is this going to affect my REIT?

 

[Midpack]

We rarely go to malls anymore, we don't "shop" anymore, and if we can't get something online, there are better brick-n-mortar choices than malls near us.

At least where we are, they've become hangouts for teens, many with no spending money. Not a place I want to spend my time. And the mall stores near us have gotten pretty junky IME, Spencer's Gifts, junk food, teen clothes and also ran department stores. YMMV

The only department store we still go to occasionally is Nordstrom. They seem to actually know their merchandise, so if I want/need help - I will pay the premium at Nordstom (no showrooming here).

 

[Lcountz]

Regarding Sears (old brick and mortar) and Amazon(point and click)....

Take a look on eBay at Sears Catalogs for a little trip down memory lane......Before point and click, glossy pages by the hundreds in a catalog 2-3" thick, all kinds of items...

Check out the "sold" listings!!!! It appears those Sears items are still selling well!!!!

I remember not TOO long ago, still getting the smaller Sears or Penney's catalogs in the mail...of course that's over now too....

I knew someone who used to hold on to catalogs and magazines that he thought "would be valuable" some day....I was wise and ridiculed him....Wonder if he's on Ebay??

 

[Walt34]

I remember not TOO long ago, still getting the smaller Sears or Penney's catalogs in the mail...of course that's over now too....

Indeed, I remember drooling over the Sears tool catalog, wishing I had the wherewithal to buy "one of everything".

Not sure what I would have actually done with all that stuff, but I wanted it!

 

[bradaz2488]

Indeed, I remember drooling over the Sears tool catalog, wishing I had the wherewithal to buy "one of everything".

Not sure what I would have actually done with all that stuff, but I wanted it!

Yep, brings back good old memories of marking the pages in the toy section for Santa Claus when we were kids

 

[Ronstar]

Just went to Sears looking for a garage wall cabinet. Hardly anyone there. And it looked like merchandise had been cleared out. Kinda like the store had been closed but they didn't tell anyone. I found the cabinet I wanted cheaper on amazon, so I ordered it from them. It's a shame because I like Sears.

 

[Teacher Terry]

I rarely go into a store. I know what size/style/brand of shoes I wear so buy those online. That is by necessity as I need to drive 3 hours to find my size in a store. It is so easy to compare prices online and get the best deal. I even buy most my clothes online. If they don't fit I return them to the store. I only buy clothes from a business that has a physical store in our town to make returns easy. I don't buy many clothes anymore. My sister who is 70 only shops in person.

 

[Music Lover]

You're not alone, but you realize your showrooming is hastening the demise of "mall stores like Macy's?"

Music stores suffer from this practice, too. People go and test gear at the music store and then buy it online for $50 cheaper.

I do exactly the opposite...I identify the item I want and then read all the online reviews and watch YouTube videos of the instrument being tested. Then, when I am close to a decision, I go to the local music store and try it out, and more often then not buy it. I don't really care if I can save $50 on an $800 guitar buying it online because I want that store to be there next year.

It does help that the music stores for the most part are competitive with online vendors.

 

[Bestwifeever]

The fastest way to get someone to wait on me at a BestBuy is taking out my phone and taking a photo of an item (which I do to check with my peeps that the item is what we want, not to buy it on Amazon)--boom, a clerk appears before I can text the photo.

I can think of a lot of Chicago stores that folded (Goldblatts, Wieboldts, Madigans, Stevens) and I can remember when The Limited opened. I also am seeing retail Warby Parker storefronts popping up. Times change, business changes too.

 

[broadway]

I look at things I want in mall stores like Macy's and try on clothes. Then I go home and look for the same item for a (typically) lower price online.

If the mall stores close, you wouldn't be able to game the system like this.

Then what?

 

[RetiredGypsy]

As to what to do when the malls close and you want to try something before you buy, there's always thrift shops to get a sense of sizing, and discount stores like Ross. I've noticed now even manufacturers are starting to offer free returns with online orders.

I talked with a manager at a B&N bookstore that closed recently. He said that while they're closing, the other store is still doing great. So is it a matter of most stores closing because people are no longer buying, or that these stores expanded too thinly and were just barely holding onto the outliers until online shopping became a much better deal?

 

[broadway]

As to what to do when the malls close and you want to try something before you buy, there's always thrift shops to get a sense of sizing

You are joking right?

 

[COcheesehead]

If the mall stores close, you wouldn't be able to game the system like this.

Then what?

I buy almost all my clothes online. I stick with a couple brands where I know the sizing works for me, mainly Banana Republic and Carbon2Cobalt. I also tag searches for these brands in my size on eBay. I rarely pay more than a third of retail.
When I tire of the item, back on eBay it goes where sometimes it sells for more than I bought it for.

 

[broadway]

I buy almost all my clothes online. I stick with a couple brands where I know the sizing works for me, mainly Banana Republic and Carbon2Cobalt. I also tag searches for these brands in my size on eBay. I rarely pay more than a third of retail.
When I tire of the item, back on eBay it goes where sometimes it sells for more than I bought it for.

That's fine if you don't go to the store to try out your clothes first before buying somewhere else online. I find it ethically wrong if you do use a store as a try it place but don't buy there.

If you truly are going to go all online. Then do it all online without stepping foot in a retail store to "try it out first" for whichever product you are buying.

Are you buying used clothes on eBay?

 

[Markola]

Interesting post. It's usually obvious as a shopper considering one's own habits and experiences to understand why legacy stores close, e.g. Sears, JC Penneys, Macy's, Barnes & Noble, etc. but it is more interesting to me to ponder why some stores thrive, e.g. Home Depot, Target, our local family run chain of Ace Hardware stores, Apple Stores, our local family appliance retail chain. Why do I like to go in some and avoid others reflexively? Each one that is thriving has some specific advantages, at least for the moment until something better comes along.

Also, Imoldernu pointed out the vast inefficiencies of large store retailing. As the creative destruction happens that sorts out the right stuff to be sold online and the right stuff to be sold retail, where do all those former profits go? There was a book a few years ago called "The Walmart Effect" that showed how that one company relentlessly wrung the costs and profits out of every stage of retailing, including its own bottom line, in favor of volume and market share, and crushing other retailers in the process.

Again, where did all those former profits go? My understanding is, the Walmart Effect and now its evolution into the "Amazon Effect", is a major contributor to our very low inflation rate (along with slowing birth rates and other factors). We consumers are getting all the stuff we need and want vastly cheaper than we used to.

 

[W2R]

If you truly are going to go all online. Then do it all online without stepping foot in a retail store to "try it out first" for whichever product you are buying.

Like some/many others, I never, ever go to a retail store to try on clothes any more. It's not a fun experience IMO. I think I'd rather have teeth pulled.

I'm 68, and by this time I have a VERY good idea of what styles and colors look good on me, and what styles and colors don't. So, I just order what I want online. It's cheaper, and no need to hassle with trying on outfit after outfit at a mall.

 

[6miths]

Bruce Springsteen said it best 'these jobs are going boys and they ain't coming back'. Why should Chinese (or offshored American) businesses want to pay the salaries of all these retail middle men and women when they can run the whole operation from the site with the lowest labour costs. It might be creative destruction but sometimes I wonder if it isn't just a race to the bottom.

I also bet that the return rate on items is significantly lower in the online shopping sector compared to bricks and mortar. And hey, no shoplifting!