The demise of brick-and-mortar retail is no longer a debate; it’s an unfortunate reality and that has rapidly accelerated due to the COVID-19 pandemic and the significant resulting shift in consumer preferences toward the conveniences of e-commerce.
The raging coronavirus pandemic kept crowds thin at malls and stores across the country on Black Friday, but a surge in online shopping offered a beacon of hope for struggling retailers after months of slumping sales and businesses toppling into bankruptcy.
Simon Property Group, the nation’s biggest mall owner, has negotiated a lower price to purchase a controlling interest in Taubman Centers in a deal that was nearly killed by the coronavirus pandemic.
J.C. Penney said Thursday that it will start closing 154 of its stores next week in what it is calling the first phase of its efforts to shrink its footprint.
The coronavirus pandemic has pushed the storied but troubled department store chain J.C. Penney into Chapter 11 bankruptcy. It is the fourth major retailer to meet that fate.
