In just a few months, COVID-19 has impacted the world and economy in overwhelming ways, and sadly, this is just the beginning. The Retail industry is seeing the devastating effects left and right as both big corporations and small mom and pop stores are going bankrupt because of non-essentials stores having to close during the height of the pandemic.
The Retail Industry has struggled for years and even more so now with COVID-19, but some are starting to see a flicker of light at the end of the tunnel, and we wanted to share the top three retailers expanding in Rhode Island, even during the pandemic.
In 2019, Walmart was the highest-grossing retailer, making more than twice what its closest competitor, Amazon, earned in retail sales. Amazon may have defined the last decade of retail, but Walmart has comfortably maintained its dominance in this new environment of omnichannel selling and tech-based solutions. By harnessing its substantial physical footprint, continuously experimenting with new innovations, and partnering with external companies to develop its services, this retail giant hasn’t just stayed ahead of the curve in this volatile climate; it is setting the curve for its competitors.
Discount stores have come a long way from the chintzy toys and off-brand candy of past decades. These stores were already rapidly growing in popularity, and the pandemic has proven their staying power. With customers looking for value, these brands continue to open stores and give shoppers access to the goods they need at the right price points nationwide.
JCPenny is moving forward with closing 144 of the outlined 242 brick-and-mortar closures announced five months ago, as it seeks to exit Chapter 11 bankruptcy.
When Apple closed its stores in March, the company didn’t lose profits as was expected; instead, its revenue grew. Net sales in the third quarter were up 10% in comparison to 2019’s Q3 and their gross margins increased by 11%.
Pharmacies not only provide essential service for their communities; they’ve also long been innovative spaces that lead retail trends. From the soda fountains of the 1950s and earlier to providing some of the simplest and most accessible sites for COVID-19 testing, pharmacies are often ahead of the game.
Restaurant chain Ruby Tuesday joins the growing list as another restaurant filing for bankruptcy during the pandemic. The company filed for bankruptcy on October 7th, hoping to restructure and return financially stronger. Citing being overcome by financial pressures brought on by the pandemic, Ruby Tuesday has filed for Chapter 11 bankruptcy protection and announced that 185 of its 421 restaurants that temporarily closed this year would remain closed for good.
The retail industry has been on a tumultuous up and down journey since the evolution of online shopping. Tie in the recent coronavirus pandemic and most retailers have been thwarted into a crisis. Many have faced a pivot or perish fate, however, in the landlocked southern state of Tennessee some retailers are still expanding. Here’s a list of five retailers expanding in Tennessee.
NPC, the largest Pizza Hut franchisee in the country, filed for chapter 11 bankruptcy on July 1. At the time of the filing, they owned 1,227 Pizza Hut locations and announced they were permanently closing 300 locations.