Exposing Hillary So She Won't Get Elected

Despite Huge Economic Growth, Thousands of These Businesses are Shutting Down

For the first time, the Dow Jones Industrial Average went above 22,000 on Wednesday. Not only that, but consumer confidence is higher as well.

Both of these signs suggest the economy is improving, but despite that many retailers are still closing.

“They don’t meet consumers’ needs,” said Richard Kestenbaum of Forbes.

Retail chains are scheduled to close thousands of stores across the United States at 2017.

The closings have been announced by retailers from Radio Shack, which is closing 1,430 stores, to Tailored Brands, which is closing 11.

Many of the retail shops that will be closing are clothing stores like The Limited, Guess and Rue21. But also reducing their brick-and-mortar locations is the video game giant Gamestop, as well as “big box” stores like Kmart, JCPenney and Sears.

Kastenbaum said the challenge facing retailers has been looming for years.

“This situation has been building for a long time. As smartphone penetration and internet use has increased, the importance of retail stores has declined,” he said.

Business Insider compiled a list of retailers and the number of stores they are expected to close across the country this year:

Kestenbaum said another factor in the large number of retail closings is a growing divide between generations of consumers in terms of what they want to purchase and what they value in a shopping experience.

Baby boomers wanted mass-produced items that were generic, prestigious and commercial, while millennials and Generation Z consumers prefer locally-made products that are artisanal and even environmental friendly.

While these retailers may be closing brick-and-mortar locations, they continue to sell product.

“For most retailers with Internet and mobile presence, store closings represent not much more than a shift in focus,” says Barbara Farfan of The Balance.

Farfan agrees with Kestenbaum that these closures are consumer driven and don’t necessarily mean bad news for retailers.