Retail stores worldwide have hit a brick wall for multiple reasons over the past few years. Restrictions set in place during essential sales have left economy’s to plummet due to the lack of sales and foot traffic.
The sector was already in decline for a few years before the pandemic hit, now the pandemic sped up a already moving landslide taking down already struggling businesses in its wake.
Borders
Borders couldn’t keep up with the fast paced technological changes they needed to survive in the 2000’s. People had began to sway towards E-reading more. They then started to focus their attention on CD and DVD sales but their plan wasn’t strong enough. They began outsourcing online sales to Amazon but ultimately by September 2011 all of the stores has shut their doors.
F.W Woolworth
F.W Woolworth for 117 years was one of America’s most popular retail stores, They opened in 1879 in Utica, New York and overtime branched to 21 different states. They even branched as far as Canada, Great Britain and even Germany. Woolworths struggled to keep up with competitors and eventually closed their tills for the last time in 2008.
ToysRus
ToysRus was drowning in billions of dollars worth of debt, Amazon, Target and Wallmarts toy competition made it hard for ToysRus to keep up with the changing market. Unfortunately the debt swallowed up ToysRus and left them shutting their doors in 2017.
Blockbusters
In 2022 you can stream just about any TV show or Movie online from the comfort of your own home or on the go. The push of Netflix totally wiped out cheap rental services like Blockbusters. 2013 is when the companies closed the stores down, there is still one final blockbuster that is defying the odds in Oregon in 2022 and vows to stay open as long as Dish will allow.
Compaq
Compaq was short lived, only lasting from 1982 to 2002. The company was highly successful within the years they were open. Leading the market for PC sales in the 90’s. Hewlett Packard took it over in 2002 and continued to sell some systems under the Compaq name until it was discontinued in 2013.
Author
Hina Mirza
PR & Media Specialist
The Social Company
