Marshall’s And Other Discount Stores Are Shutting Down Starting In January
Marshall's, TJ Maxx, and other discount stores will be closing multiple branches in 2023, these are maneuvers that the companies say are strategic in nature to protect the overall health of their businesses.
Several discount stores have decided to close various branches nationwide now that the holiday season is over. As we start a new year, everyone is on the same page. It is time to save. People have spent too much money enjoying themselves and spending time with their loved ones. Now we are in January, it’s time to start clawing back some money, and some retailers feel the same.
If you are looking for your favorite discount store to save a few pennies for that all-important summer holiday, you may have to travel a little further than expected. Various discount stores, including family favorite Marshalls, are closing specific locations across the country in a bid to save money.
Marshalls is closing their store on East Market Street in Philadelphia, Pennsylvania, on January 14. This closure was first reported on December 29 and was later confirmed by their vice president for communications. The spokesperson for TJX, Marshall’s parent company, stated that they are continually assessing and growing the company. The decision to close its Philadelphia branch reflects how the brand is growing and developing.
Marshalls has also announced the closing of their store in Minneapolis, which was first reported on December 8. This store will also close permanently on January 14.
They also stated that they are grateful to the people of both Minneapolis and Philadelphia for this custom and loyalty throughout the years. There is still a TJ Maxx and Marshalls branch on South Swanson Street in Philadelphia.
The spokesperson for Marshalls strongly advised that while they are closing some of their branches, that does not mean a broader nationwide closure of Marshalls will occur. Their annual figure reflects no plans for any closures as they have expanded their store base throughout last year. By the 3rd quarter of 2022, they had expanded their store base by twenty-three stores nationwide.
Like Marshall’s, discount store Ross Dress For Less will close at least one branch this year. It was reported on December 26 that their branch in Honolulu, Hawaii, will be closing its doors for good. No closure date has been announced, but a new store, rumored to be savers, is taking the retail space after Ross leaves.
While Ross hasn’t released a statement on the closure of their Hawaii branch, there seems to be no reason to think that Ross’s future is in jeopardy either. At the end of Q3 in 2022, Ross Dress For Less announced that they had opened twenty-eight new stores nationwide. This growth pattern is set to continue for 2023 as they plan to reach over one thousand Ross stores across America.
2022 was a challenging year economically for everyone, especially businesses. Hearing that certain discount stores are removing branches that are underperforming is not surprising, as the economy continues to be volatile. It is in the best interest of the businesses not to try and keep a failing store afloat and just cut their losses as we move into a year where a recession may or may not happen. Everyone is just relieved Marshalls isn’t closing nationwide.
