BusinessThe Street•48 minutes ago22 Large Retailers Besides J.C. Penney Are Closing Waves of Stores
The Great Restructuring in retail continues. In the wake of a disappointing holiday season, J.C. Penney (JCP) said recently that it will close 138 stores stores by the end of the summer. The store closures represent 13% to 14% of the company's current store base and less than 5% of annual sales. They have a negligible impact on net income. J.C. Penney said same-store sales at the locations were "significantly below" the remaining store base and operate at a much higher expense rate due to poor productivity. The company expects $200 million in annual costs savings from the efforts. "We believe closing stores will also allow us to adjust our business to effectively compete against the growing
- Finance24/7 Wall St.•yesterday
What Analysts Have to Say About Walgreens Ahead of the Merger Deadline
The Walgreens Boots Alliance Inc. (WBA) and Rite Aid Corp. (RAD) merger has been the subject of much controversy over whether the deal actually will go through. Analysts have taken the perspective that this deal might be too difficult to call correctly, and those covering it generally have created two scenarios about what could happen. 24/7 Wall St. has examined a recent report from Jefferies that has a fairly optimistic view on Walgreens, win, lose, or draw on the deal.
BusinessThe Street•23 hours agoMalls of the Future May Be Nothing More Than Giant Parking Lots for Uber Drivers and Amazon Workers
Here comes a parking lot full of Uber drivers next to the former Sears (SHLD) . "The growth of e-commerce and the increasing emphasis on delivery speed as well as pick-up services for retail goods will likely precipitate a convergence of industrial distribution and retail real estate," Fitch said in a note on Tuesday. Fitch essentially predicts that well-located malls - calculated by their proximity to population density plus the per capita income of that region - will prosper in the future as distribution and pickup centers for e-commerce retailers like Amazon (AMZN) , the giant online corporation which saw its stock hit a record $1,000 a share on Tuesday, rather than shopping destinations.
