JCPenney continues to face challenges in the evolving retail landscape, announcing plans to close eight more stores in 2025, adding to the ongoing trend of closures affecting the sector. The company cites shifting consumer habits and the rise of e-commerce as contributing factors.
JCPenney has announced plans to close several stores over the next few months, highlighting the ongoing struggles within the U.S. retail sector . The department store chain confirmed to Axios that eight more locations will shut down in 2025 out of its over 650 existing stores, following a year marked by similar consolidations. Newsweek reached out to JCPenney for comment but did not receive a response outside regular business hours.
The closure announcement underscores the lasting impact of the pandemic on physical retail stores, coupled with shifting consumer habits and the increasing dominance of e-commerce. This trend, often referred to as a 'retail apocalypse,' has led numerous traditional brick-and-mortar businesses to shutter their doors due to their inability to adapt to these evolving market dynamics. Coresight Research projects a grim outlook for the retail sector, estimating that 15,000 stores are expected to close in 2025, a significant jump from the 7,325 closures recorded last year. Meanwhile, the number of new store openings is projected to decline from 5,970 to 5,800.Several well-known retailers have already announced store closures, consolidations, and even bankruptcies as a result of the declining retail landscape. These include Kohl's, Bargain Hunt, and Big Lots. Other prominent names like Walgreens, Macy's, and Starbucks are also planning to reduce their physical store presence throughout the year. According to Axios, citing data from the business consultancy SB360, the following JCPenney stores are slated for closure in 2025:California: The Shops at Tanforan, 1122 El Camino Real, San BrunoColorado: The Shops at Northfield, 8568 E 49th Avenue, DenverIdaho: Pine Ridge Mall, 4201 Yellowstone Avenue, PocatelloKansas: West Ridge Mall, 1821 SW Wanamaker Road, TopekaMaryland: Annapolis Mall, 1695 Annapolis Mall Road, AnnapolisNorth Carolina: Asheville Mall, 3 S Tunnel Road, AshevilleNew Hampshire: Mall at Fox Run, 50 Fox Run Road, NewingtonWest Virginia: Charleston Town Center, 401 Lee Street E, CharlestonJCPenney told Axios that the store closures are unrelated to its recent merger with Sparc, a retail store operator. The two companies announced their combination in January, bringing their portfolios under the joint Catalyst Brands label. Following the release of the company's third-quarter results in December, GlobalData Managing Director Neil Saunders told Retail Dive: 'There are some good things happening at JCPenney and management is trying to move the business forward, but it all feels like they're trying to run up a fast moving down escalator right now and progress is very limited.'Despite less-than-stellar financial results in recent months, CEO Marc Rosen expressed optimism about the merger's potential. He stated that the combination would allow the pair to 'leverage our resources and best-in-class industry talent to grow our brands further.' JCPenney's store count has shrunk from approximately 850 to around 650 since filing for Chapter 11 bankruptcy protection in May 2020.
Jcpenney Retail Sector Store Closures E-Commerce Bankruptcy Sparc Merger
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