Several forces are pushing chains out of some city centers: a glut of stores, people working from home, online shopping, exorbitant rents, crime and public safety concerns, and difficulty hiring workers. To reinvent downtown retail, drastic changes may be required.
WalMart
Many Chicagoans were shocked by retail giant Walmart’s announcement that it’s closing four stores this weekend — fully half of its locations in the city.
Walmart says it is cutting its losses in the Chicago market, announcing Tuesday it will close four of its eight stores in the city by April 16.
The retail giant's announcement follows similar proposals on Nov. 2 from the two largest U.S. pharmacy chains, CVS Health and Walgreen Co., which each said they would pay about $5 billion.
"We believe in the future of Chicago," Walmart CEO Doug McMillon said.
Walmart has won praise from gun control advocates for its decision to discontinue sales of certain gun ammunition and request that customers no longer openly carry firearms in its stores. But whether the moves will translate into fewer guns on the street remains an open question.
Last month, the big-box store announced a second round of cuts as it phases out store greeters in favor of a more demanding customer host role. A local disability advocate calls the move “shortsighted.”
A local company is in trouble for selling snake oil. Kris Kridel of WBBM Newsradio 780 and 105.9FM has that story, and other top business headlines.
