According to conservativetribune.com, some of the largest retail chains in the U.S. have announced that they are closing dozens of stores and laying off thousands of employees. Two institutions with the most closures are Macy’s and J.C. Penny’s. Uhm! Thought the economy was getting better.
Chuck Tatelbaum, an expert on business bankruptcy’s, believes we are on the verge of a number of business failures of specialty retailers and national general retailers as well.
While we all thought the economy was turning the corner with falling gas prices due to a relatively new innovation called fracking, which, by the way, liberals are against, we may have just been teased. Mr. Tatelbaum goes on the state that reasons include the changing of purchasing habits by consumers and a continuing hesitancy to spend, and less than expected sales during the 2014 holiday season.
Actually, I’ve been expecting the closing of retail stores and thought there would be more closing earlier than now. Online shopping has been around since the turn of the century. I currently buy about 90% of my clothes online. I generally purchase accessories in stores, though. While there are a lot of folks out there who feel that online shopping is not secure and have to see how everything they purchase looks on them before they will purchase it, the trend is catching on. Now that the baby boomers are growing older and aren’t the vibrant selves that they used to be, many are going to online shopping.
Also, as Mr. Tatelbaum said, U.S. consumer buying habits have changed. Once again, the baby boomers are getting older and perhaps less vain. Those of us who, twenty years ago, wouldn’t be caught dead wearing the same thing twice within a four-week period, now may not care anymore. Also, the number of home workers is increasing. You just don’t need as many clothes if you’re a home worker. Also, if you’re a woman, you’re not going to need as much makeup. If you’re plans are to work from home all day and not go out, why waste makeup when no one is going to see you except the dog or cat, the spouse, or the kids.
Guess you thought I was going to blame the current president and the Democrats for this? Am I? Well, the economy is still very sluggish and it’s definitely the result of the policies of the current administration that is doing everything it can to throw roadblocks up in front of our entrepreneurs and risk takers. But I think the reasons cited by Mr. Tatelbaum and online sales play a part also.
With the technological revolution, including the dotcom explosion, it looks like the chickens have finally come home to roost.