Even Retail Stores Giants Like Walmart, Bed Bath & Beyond, and Nike Take Hit.
In a stark testament to the failure of Biden’s economic policies, the retail sector in the United States has suffered a catastrophic collapse, with a staggering total of almost 5,500 stores shuttering their doors in 2023 alone. Major brands such as Bed Bath & Beyond, Walgreens, and Rite Aid have been among the hardest hit, signaling a dire state of affairs for American commerce under the current administration.
The closures have reverberated across various sectors, ranging from clothing retail stores to discount retailers and drugstores, as consumers increasingly turn to online shopping platforms. However, it is the home and office sector that has borne the brunt of the devastation, accounting for more than 30 percent of all closures – a figure more than twice as high as in 2022.
The surge in closures can be attributed to a multitude of factors, including bankruptcies and poor sales performance. Retail giants like Bed Bath & Beyond, which filed for bankruptcy in April, were forced to liquidate all locations within a matter of months, resulting in a staggering 866 closures. Similarly, Walgreens, faced with declining consumer spending and revenue from Covid vaccines, announced plans to close 505 stores during its third-quarter earnings call.
Other retailers, such as Rite Aid and Signet Jewelers, also experienced significant closures following bankruptcy filings and restructuring efforts. The jewelry retailer Signet Jewelers, for instance, announced the closure of 95 stores in response to declining productivity, while Rite Aid shuttered 470 locations shortly after its own bankruptcy filing in October.
The retail apocalypse has not spared even iconic brands like Christmas Tree Shops and Party City, both of which succumbed to bankruptcy proceedings and subsequent liquidation of assets. Christmas Tree Shops, founded in Cape Cod, Massachusetts, in 1970, faced Chapter 7 bankruptcy in August, resulting in the closure of all retail stores across the Northeast. Similarly, Party City, a New Jersey-based party-supply retailer, filed for Chapter 11 bankruptcy and closed a total of 65 stores nationwide.
While closures reached their highest level since the pandemic, openings failed to offset the staggering losses, painting a bleak picture of the retail landscape under Biden’s watch. Despite the administration’s promises of economic revitalization, the reality on the ground tells a different story, with businesses across the country struggling to stay afloat amidst mounting challenges.
As the retail sector grapples with unprecedented turmoil, questions loom about the Biden administration’s ability to deliver on its economic promises and restore confidence in the American economy. With iconic brands falling by the wayside and thousands of jobs lost, the need for decisive action to reverse course and chart a path toward recovery has never been more urgent.
Under Biden‘s leadership, the retail sector teeters on the brink of collapse, underscoring the urgent need for change. As businesses continue to shutter their doors and communities reel from the economic fallout, the time for bold, effective leadership is now. Only by addressing the root causes of the crisis and implementing pro-growth policies can we hope to rebuild a vibrant, resilient retail sector that serves as the backbone of the American economy.
