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Krystina Gustafson

Get ready for the next era in retail-one that will be characterized by far fewer shops and smaller stores.

Sears said this week that it will shutter its flagship store in downtown Chicago in April. It’s the latest of about 300 store closures in the U.S. that Sears has made since 2010. The news follows announcements earlier this month of multiple store closings from major department stores J.C. Penney and Macy’s.

Further signs of cuts in the industry came Jan. 22, when Target said it will eliminate 475 jobs worldwide, including some at its Minnesota headquarters, and not fill 700 empty positions.

Experts said these headlines are only the tip of the iceberg for the industry, which is set to undergo a multiyear period of shuttering stores and trimming square footage. read more »

 

With a number of states facing swelling budget deficits, what if there was an easy way for them to get billions of dollars in uncollected taxes?

There is-in theory at least. That’s why many states are continuing to push Congress to let them collect sales taxes on all online and catalog purchases. A bill is expected to be introduced this summer calling for such a move, though previous efforts have gone nowhere. read more »

 

High unemployment could slow the retail sector’s recovery, despite the recent improvement in same-store sales, Macy’s Chairman, President and CEO Terry Lundgren said.

“There isn’t really anything that I see that’s happening in our economy that will suggest that there’s going to be big momentum toward job growth,” Lundgren said. read more »

 
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