Big chains have closed stores in major US cities recently, raising alarm about the future of retail in some of the country's most prominent downtowns.
These big chains and others have closed stores in major US cities recently, raising alarm about the future of retail in some of the country's most prominent downtowns and business districts.
San Francisco, Los Angeles, San Diego, New York City, Seattle, Miami and Chicago lost retail stores from the beginning of 2017 to the end of 2021, according to research from the JPMorgan Chase Institute, a think tank. For example, Walmart has shuttered about 40 stores since 2021 and will close 20 this year. Nordstrom will shut down 15 locations in 2023.Even at stores still in city centers, fewer people are often shopping.
They're shifting that spending to the suburbs, as 1 million people also left city centers during the pandemic, he said.They left more expensive cities like San Francisco and New York and headed to cheaper Sun Belt cities such as Phoenix and Houston, the JPMorgan Chase Institute found. Retail shrink hit $94.5 billion in 2021, a 53% jump from 2019, according to the National Retail Federation's annual survey of around 60 retail member companies.
It hearkens back to urbanist Jane Jacobs' influential 1958 essay "Downtown is for People," in which she argued a vibrant street life was crucial for neighborhood safety and community.
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