Connect with us

Headlines

Back to the ‘Burbs: Some Retailers Exit Downtown

Large brands opt to put smaller stores in outlying areas.

mm

Published

on

iStock, hallojulie
iStock, hallojulie

Many cities are struggling with a post-pandemic surplus of obsolete older office buildings that are likely to remain empty as workers stay home to do their jobs. As a result, some major retail brands are choosing to open smaller suburban locations over downtowns and malls, GlobeSt.com reports.

That trend is reflected in a just-issued report from JPMorgan Chase titled “Downtown Downturn: The Covid Shock to Brick-and Mortar Retail.”  Several major urban markets, including San Francisco, Los Angeles, New York, Seattle and Miami, had fewer retail establishments in the last quarter of 2021 than before the pandemic, JPMorgan reported.

In its story on this trend, news site Bloomberg cited specialty apparel retailer Abercrombie & Fitch’s decision not to reopen its large store in Chicago’s Water Tower Place. Instead, at the end of 2021, Abercrombie & Fitch opened a new, smaller boutique-style shop in the city’s Lakeview neighborhood.

Overall, the apparel sector closed 750 stores in total in 2022, but it also saw the second-highest total of store openings—nearly 1400—with many of these new stores in suburban locations, according to Coresight Research data.

Click here for the full GlobeSt.com story.

Advertisement

SPONSORED VIDEO

SPONSORED BY VARILUX

The Best Overall Progressive Lens, Now Powered by AI

Engineered with Behavioral Artificial Intelligence and utilizing new XR-motion™ technology, Varilux XR series goes beyond prescription and eye physiology to consider the patient’s visual behavior and design a progressive lens that respects how
their eyes naturally move.

Varilux XR series comes in two versions, Varilux® XR design and Varilux® XR track. The Varilux XR track lens provides an additional level of personalization by incorporating the exclusive Near Vision Behavior Measurement, providing up to 25% more near vision width3 according to the patient’s need, so patients get the highest level of customization.

Discover Varilux XR series and enjoy instantly sharp vision in motion4 and seamless transitions from near to far.

For more information, visit here.

Promoted Headlines

Advertisement

Advertisement

Subscribe

INVISIONMAG.COM
BULLETINS

Get the most important news and business ideas for eyecare professionals every weekday from INVISION.

Advertisement

Advertisement

Most Popular