6 Popular Brands Likely to Close Their Retail Stores in 2023

6 Popular Brands Likely to Close Their Retail Stores in 2023

Due to the rise of internet shopping platforms, many are moving away from brick-and-mortar stores and are purchasing online. While there continues to be an audience for physical stores, top brands across the country are planning to close some or all of their retail outlets in 2023 due to lower footfall and financial challenges. So, shoppers may want to hurry and visit their favorite brand’s store and get personalized deals for possibly the final time.

Morphe Cosmetics
Morphe Cosmetics is well-known for manufacturing and selling beauty products and has around 18 stores in the country. The brand’s parent company, Forma Brands, recently announced that it has decided to shut down all of its Morphe stores and file for bankruptcy. This decision is said to result from the company’s prior financial difficulties, issues with rent payments, and lawsuits. However, it is to be noted that customers will be able to purchase online.

The 2008-founded cosmetics producer will be shutting shop 15 years after its establishment. Like Morphe, several physical retailers of cosmetic products are likely to either shift their operations online or shut down eventually due to the rise of online shopping sites.

Party City
Party City is the largest seller of party supplies in the country. They are the go-to store for hanging decorations, costumes, tableware, and anything one would require when hosting a party. Several factors have contributed to Party City’s financial trouble, but one of the biggest reasons for its poor performance is that the trend of in-home parties seems to have declined. People prefer elaborate and exotic destination celebrations instead of supposedly dated house parties. This trend has been reflected in the poor sales numbers of Party City’s products.

Party City’s steady quarter-on-quarter financial decline caused them to announce a 19 percent reduction in the corporate workforce. Actions such as these are indicative of a company’s poor financial health. So, at least some of Party City’s retail stores are likely to close in 2023 without any impact on the brand’s website operations.

Kroger and Albertsons
Retail stores are gradually going out of vogue, and grocery dealers are not immune to this trend. Albertsons and Kroger, two gigantic supermarket chains, are planning to merge to keep up with the competition. As a result of the merger, Kroger has already shut down several stores, and the trend is set to continue throughout 2023.

Safeway and Harris Teeter, two grocery store chains present in several states and owned by Albertsons and Kroger, respectively, are also on the verge of closing in 2023. The companies have not announced which of the Safeway and Harris Teeter stores would shut down as a direct result of the merger. However, the grocery shops belonging to these two companies are likely to be on the proverbial list of stores closing in 2023.

Once upon a time, Sears was an ultra-ubiquitous shopping store that sold house kits, clothes, toys, toiletries, and most other things imaginable, with a presence in almost every state. But Sears filed for bankruptcy in 2018 and started shutting down its stores. Less than 20 stores remain in the country in 2023, which will also likely close down for good. So, if customers are interested in shopping from their favorite Sears store, now might be an opportune moment to do it.

Multiple factors, including the global recession, reduced the popularity of big shopping centers like Sears. At one point, Sears sold a sizeable stake to generate money and create another steady revenue stream for the long term. However, the move did not yield any tangible results, and they could not sustain the competition. In fact, several reports have verified that the company has not recorded a full-year profit since 2011.

Signet Jewelers
Signet Jewelers operates under different names globally, such as Kay Jewelers, Jared The Galleria Of Jewelry, Zales, and Piercing Pagoda. The company announced and acted upon its promise of shutting down approximately 150 stores across the country in 2020 and more than 100 stores the following year.

Currently, Signet Jewelers still has stores running. However, given the growing rate of online jewelry shopping, one can expect the remaining stores in the country of the renowned premium jeweler to shut down in 2023.

Like the other brands on this list, Macy’s once had a wildly-popular chain of department stores spread across the country. But due to various financial hurdles and supply chain issues, Macy’s started shutting down underproductive outlets. The store’s closing process has been carried out in a phase-by-phase manner. For instance, Macy’s shut down 29 stores in 2020 and 38 in 2021. The brand’s representatives say they are now in the last stages of the process. After this, Macy’s will only continue to have a limited presence in top-tier malls. Of course, the brand’s website will also continue to function.

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