Struggling retailers offer warning to restaurants
This post is part of the On the Margin blog.
2017 isn’t starting off all that well in the retail world. Just this week, Macy’s announced plans to close 68 locations. And then Sears, which has been shrinking for years, said it plans to close 150 Kmart and Sears stores and sell off its iconic and popular Craftsman brand.
Macy’s CEO Terry Lundgren told TheStreet’s Brian Sozzi that “America is still over-stored.”
It’s a situation to which restaurants should pay close attention.
The problem is simple: Internet-based retailers like Amazon and Wayfair are taking business away from traditional brick-and-mortar concepts like