How many people are losing their jobs due to store closures? The answer is 44,000, according to the consulting firm of Challenger Gray. You know about Macy’s plan to close about 100 stores. But Walmart announced 169 store closings in January. And the twilight of Sports Authority shuttered 450 stores.
Sears, JCPenney and Kohls have closed a number of locations.
TJMaxx and Marshalls have been expanding, but their hiring doesn’t begin to offset all the other job losses. This is hurting companies that own malls.
Share prices are down for Simon Property, owner of Waikele Premium Outlets.
Stocks are also down for General Growth, owner of Ala Moana, Prince Kuhio Plaza and Whaler’s Village.
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