If it feels like a confusing time to be a consumer nowadays, you’re certainly not alone.
While you may be left with fewer choices to shop at, that lack of selection is anything but simple.
Related: Struggling retailer closing more stores after shuttering 1,000
A great consolidation of the retail space has been emblematic of the past several years.
When covid swept through the nation, many smaller brick and mortar operations were forced to close up shop for good. Months of little or no foot traffic pushed profits to near zero — or put businesses in the red altogether.
Forced lockdowns and a lack of shoppers meant businesses either had to use their cash on hand to float operations until doors reopened or shutter completely.
Many chose the latter response to the situation, since paying employees for unworked hours, keeping up with utility and rent bills, and stocking unsold inventory was a nearly impossible uphill battle.
So when many smaller retailers closed up because they just didn’t have enough cash on hand to wait out the hardest months of 2020 and 2021, the big guys came in and set up shop in their stead.
This means you’ve probably noticed a lot more Walmarts, Targets, Costcos, and Sam’s Clubs around town now. These corporate giants were able to do what many smaller mom and pop shops weren’t: survive.
The outside entrance to a Bank of America.
Shutterstock
Brick and mortar retail is changing
And if it seems like it’s a confusing time to be a shopper, imagine how it feels to be a retailer.
Many of these businesses relied either heavily or exclusively on in-person interactions.
More closings:
Another struggling mall retail chain closing more storesStruggling supermarket chain closes more locationsPopular bank closing dozens of branches (locations revealed)
Foot traffic often converts into higher sales; the more shoppers you have meandering around your stores, the more likely they are to add more items to their basket. Such was the ironclad business model of so many retailers decades ago.
Now, however, it’s more like a death trap.
Brick and mortar operations are notoriously money sucks; all the aforementioned costs, like employee pay, utility and rent bills, inventory liability, and equipment add up. And if fewer shoppers are stopping in, those costs are harder to justify.
Another popular bank closing more locations
These costs are harder to justify especially if you can easily convert your operations online.
Such is the case for banks, especially now that an increasingly digitally savvy population prefers to do everything — from paying bills to cashing checks — online.
Related: Iconic ice cream chain unexpectedly closing locations
Large banks like Wells Fargo and TD Bank have closed over a dozen locations around the U.S. as it gets harder to justify keeping the lights on for less traffic.
And now, Bank of America (BAC) is the latest bank that will be shutting its doors in multiple states.
The bank will shutter the following locations throughout 2025:
California: 134 SOUTH CHURCH STREET, GRASS VALLEY1510 THE ALAMEDA, SAN JOSE3150 CAMPUS DRIVE, SAN MATEO4551 2nd Street, Suite 120, DAVIS16811 ALGONQUIN STREET, HUNTINGTON BEACH5800 SANTA ROSA ROAD, CAMARILLO445 POWELL STREET, SAN FRANCISCOFlorida: 10690 FOREST HILL BOULEVARD, WELLINGTONIllinois: 240 N RANDALL RD, LAKE IN THE HILLS3210 W IL ROUTE 60, MUNDELEINKentucky: 201 BASTOGNE AVENUE, FORT CAMPBELLMassachusetts: ONE POST OFFICE SQUARE, LYNNFIELDNevada: 300 SOUTH FOURTH STREET, LAS VEGASSouth Carolina: 910 SAVANNAH HIGHWAY, CHARLESTONTexas: 1206 SOUTH BOWEN, ARLINGTONVirginia: 9280 OLD KEENE MILL ROAD, BURKEWashington: 1201 MADISON STREET, 4323 SW ADMIRAL WAY9019 RAINIER AVENUE SOUTH
