HOUSTON — The other shoe has officially dropped. Payless announced they're aiming to close even more stores. More than 400+ more stores on top of the already 400 closings they announced when filing for bankruptcy in early April.
The affordable shoe store isn't the only one left holding the bag. Luxury retailer Michael Kors announced they're shuttering 100 to 125 stores as well.
The two retail giants join a long list of brick-and-mortar retailers closing locations across the country in 2017. More than 4,000 store closures have been announced since January.
Heck, struggling retailer Radio Shack took to tweeting empty stores recently. They're not just advertising what's on the shelf, they're trying to sell the shelves themselves!
According to a report by credit consulting firm F&D Reports, stores like Men's Wearhouse, Neiman Marcus and Toys R Us are also vulnerable.
Experts have seen this coming for a while now. It started with retailers building out like crazy in the 90s and early 2000s while consumer confidence in online shopping continued to gradually rise.
So much so, that Amazon's stock just hit over $1,000 a share. That's a 35% increase in 2017 alone.
The sky isn't falling for everybody. Discount stores like Dollar General and Dollar Tree are expanding tremendously. Auto parts retailers are also building out.
Looks like the future of buying things in person revolves around stretching your dollar, and the life of your car.