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#21
Miscellaneous Retail Stuff / Re: 7-eleven to close 444 unde...
Last post by TheFugitive - October 15, 2024, 08:13:01 AMTheir store nearest to my home here in Pittsburgh just closed. It had been there since the early 80's.
#22
Miscellaneous Retail Stuff / 7-eleven to close 444 underper...
Last post by TheFugitive - October 11, 2024, 09:00:49 AMThe parent company of convenience store chain 7-eleven is closing 444 company owned stores in the U.S.
https://www.cstoredive.com/news/7-eleven-close-444-north-american-stores/729524/
The same press release indicates their long-term strategy is to lease them back through franchisers and roll that right to the bottom line. Yeah, good luck with that. I have a friend who looked into doing this. He audited the store's books and figured out that if he put in 70-80 hours per week, got a lot of unpaid help from his family, and risked having a gun pointed in his face every night at the end of a good year he might clear $60K. He decided it wasn't worth it.
https://www.cstoredive.com/news/7-eleven-close-444-north-american-stores/729524/
The same press release indicates their long-term strategy is to lease them back through franchisers and roll that right to the bottom line. Yeah, good luck with that. I have a friend who looked into doing this. He audited the store's books and figured out that if he put in 70-80 hours per week, got a lot of unpaid help from his family, and risked having a gun pointed in his face every night at the end of a good year he might clear $60K. He decided it wasn't worth it.
#23
Department Stores / Re: Big Lots
Last post by Retail Regents - October 09, 2024, 07:38:03 PMIrondequoit and Wappingers Falls (former GU/Treasure Island) are on the latest list.
#24
Current Restaurants / Re: Red Lobster abruptly close...
Last post by TheFugitive - October 08, 2024, 10:47:01 AMRed Lobster's new CEO doubles down on the claim that all of you gluttonous shrimp eaters out there are responsible for their bankruptcy.
https://www.foxbusiness.com/media/red-lobsters-endless-shrimp-deal-created-chaos-new-ceo-divulges-bankruptcy
https://www.foxbusiness.com/media/red-lobsters-endless-shrimp-deal-created-chaos-new-ceo-divulges-bankruptcy
#25
Department Stores / Re: Big Lots
Last post by TheFugitive - October 08, 2024, 09:04:59 AMBig Lots continues to slow roll the announcement of store closings.
https://patch.com/pennsylvania/pittsburgh/another-pittsburgh-area-big-lots-store-close
The one in Green Garden Plaza in Aliquippa is I'm pretty sure in the former Hills location. Across the parking lot is an office building that was the Operations Center for Hills. Pretty much all of the company except for the C-suite and the buyers was located here and not in Canton, Mass.
https://patch.com/pennsylvania/pittsburgh/another-pittsburgh-area-big-lots-store-close
The one in Green Garden Plaza in Aliquippa is I'm pretty sure in the former Hills location. Across the parking lot is an office building that was the Operations Center for Hills. Pretty much all of the company except for the C-suite and the buyers was located here and not in Canton, Mass.
#26
Other Current Retail / Re: CVS
Last post by TheFugitive - October 01, 2024, 10:56:07 AMCVS is cutting 2900 jobs, mostly at their corporate headquarters. They are also looking at splitting the retail chain from the insurance and pharmacy benefit management businesses.
https://www.bloomberg.com/news/articles/2024-10-01/cvs-to-cut-2-900-jobs-as-it-considers-breaking-up-the-business
Big box pharmacies continue to be squeezed between lower reimbursements for prescriptions and competition from Amazon and Walmart on all other items.
https://www.bloomberg.com/news/articles/2024-10-01/cvs-to-cut-2-900-jobs-as-it-considers-breaking-up-the-business
Big box pharmacies continue to be squeezed between lower reimbursements for prescriptions and competition from Amazon and Walmart on all other items.
#27
Department Stores / Re: Big Lots
Last post by Retail Regents - September 30, 2024, 07:58:12 PMThe Binghamton and Troy locations are now scheduled to close.
https://wnbf.com/ixp/497/p/big-lots-binghamton-facing-sudden-closure/
https://local.biglots.com/ny/troy/120-hoosick-st
https://wnbf.com/ixp/497/p/big-lots-binghamton-facing-sudden-closure/
https://local.biglots.com/ny/troy/120-hoosick-st
#28
Defunct Department Stores / A sad day, Kmart closes it's l...
Last post by TheFugitive - September 24, 2024, 08:34:56 AMHistoric and poignant. Once-dominant Kmart announces the closing of it's last big-box location.
https://www.msn.com/en-us/money/other/turn-out-the-blue-light-last-full-size-kmart-store-in-continental-us-to-close/ar-AA1r4HDS?ocid=BingNewsVerp
All that remains is a downsized location in Miami.
Can't help but wonder if this will be Walmart in a few decades?
https://www.msn.com/en-us/money/other/turn-out-the-blue-light-last-full-size-kmart-store-in-continental-us-to-close/ar-AA1r4HDS?ocid=BingNewsVerp
All that remains is a downsized location in Miami.
Can't help but wonder if this will be Walmart in a few decades?
#29
Current Shopping Malls and Shopping Centers / Township sues Pittsburgh Mills...
Last post by TheFugitive - September 23, 2024, 03:28:33 PMFrazier Township, Pennsylvania, where the Galleria at Pittsburgh Mills is located, is suing the mall's owner for not living up to a 2003 agreement to keep roads around the mall properly maintained.
https://patch.com/pennsylvania/pittsburgh/pittsburgh-area-mall-sued-over-potholes
I have been to this mall maybe twice as it is quite literally at the opposite end of town from where I live. But Century III had the same issues for years before the mall closed, and those access roads started to resemble the Ho Chi Minh Trail.
In both cases maintenance agreements were made with the original owners of malls that were subsequently sold, and the new owners did not keep up with those commitments.
https://patch.com/pennsylvania/pittsburgh/pittsburgh-area-mall-sued-over-potholes
I have been to this mall maybe twice as it is quite literally at the opposite end of town from where I live. But Century III had the same issues for years before the mall closed, and those access roads started to resemble the Ho Chi Minh Trail.
In both cases maintenance agreements were made with the original owners of malls that were subsequently sold, and the new owners did not keep up with those commitments.
#30
Department Stores / Re: Ocean State Job Lot
Last post by Retail Regents - September 19, 2024, 10:26:53 PMThe Clifton Park location is currently getting a new facade. Most of the North Country Commons shopping center has been remodeled, with work continuing on the Job Lot and everything to the left of it.