#retail-closures

#retail-closures

Similar perceptions of decline are now the norm across the nation. In postwar Britain, high streets became the thriving hubs of a more affluent society and a source of local identity and pride. But almost 13,000 shops closed in 2024 an attrition rate of around 37 a day, which particularly affected the north of England, the Midlands and deprived coastal areas.

A support center for Saks Global in Miramar has become a casualty of the luxury retail giant's Chapter 11 bankruptcy filing, along with the business' entire 74-member workforce. The New York-based Saks Global notified Florida Commerce on Jan. 23 that the center operated by Saks & Co. LLC at 2784 Executive Way will soon close, and that permanent layoffs will take place between March 27 and April 30. "The entire facility will be closed and all employees at the facility will be separated from employment," wrote Associate General Counsel Janet Lee in WARN Notice letters to the Florida Department of Commerce Reemployment and Emergency Assistance Coordination Team and to Miramar Mayor Wayne M. Messam. "This closure is expected to be permanent."

With a focus on underperforming mall and high-cost locations, two store fronts in New York City have gotten the axe. For example, the Kay Jewelers at 446 Fulton Street in Brooklyn has permanently shuttered. Formerly located in Downtown Brooklyn, the high-rent, bustling retail area has seen a handful of other older and smaller jewelers shut down due to rising costs.

But H&M just confirmed that they have gotten their notice to vacate from the mall's new owners, and they'll be doing so in January. Presumably that means that the H&M Man and H&M Kids stores will be closed as well the mall directory shows them both as still open, among about two dozen stores that are still doing business there. But the Chronicle got a statement from H&M that suggests that they, perhaps like Japanese discount retailer Uniqlo, might be plotting a return to SF after closing their huge Powell Street store early in the pandemic. "We remain committed to our presence in the San Francisco Area and will continue to explore opportunities for the best store locations a guiding principle since our founding in 1947 as reflected in our recent opening at Stonestown Galleria on Nov. 20, 2025," the company said.

The e-commerce shift saw shoppers move over to Amazon and Walmart online for office supplies, while less demand saw remote and hybrid work sharply reduce office supply needs. There's also a foot traffic drop, where in-store visits and small-business purchasing both declined.

"It [tax] doesn't even need to go up to 50%. If it went up to anywhere like 40% or even 35% there is no profit in the business. We would have to close it down. I'm talking job losses. We're talking probably 7,500,"