Box Stores Closing
Joann’s, Big lots, J.C. Penney, Party City…
The closing of box stores. Is it good or bad? I say better, but it will take some time!
Reduced options will cause customers to have fewer choices for shopping, particularly for everyday items, which can lead to inconvenience and potentially higher prices from remaining retailers. For the short term, however, this will allow more local entrepreneurs to seize the opportunity to fill the gap left by the big box store, potentially leading to more diverse shopping options.
The economic impact of closures can result in temporary job losses, affecting local economies. Employees from these stores may struggle to find new jobs while waiting for the entrepreneurial spirit of the new retailers to emerge, especially if they are in areas with limited employment opportunities.
The fix for this is community initiatives that open the space to be repurposed for community projects, such as farmers’ markets, pop-up shops, or co-working spaces, fostering a sense of community engagement.
While COVID-19 brought Online Shopping to its peak, the closure of box stores continues to propel online sales. However, the world misses the social aspect of in-person shopping: trying on clothes, feeling the fabric, and looking at the fit, giving back that walk-in experience, meeting new friends, collaborating ideas…
New businesses setting up in the area will create job opportunities for local residents, helping to mitigate the economic impact of the store’s closure, giving smaller stores the ability to be more creative and inspire the foundation that America was built on.
Opportunities for local businesses are on the upswing, filling the gap left by larger retailers and fostering a more diverse and unique shopping environment or conversion to innovation hubs that can attract startups and creative industries.
Exploring these opportunities can help communities adapt positively to the changes brought by the closure of a big box store. Getting us back to the America we love and miss!
