Massive Grocery Chain Getting Ready To Close Numerous Locations
Several grocery stores are planning to reduce their locations in early 2023; among those is Stop and Shop. Since the pandemic, running a business and making a profit has been almost impossible. Most companies were relieved when the pandemic restrictions were relaxed, but the economic volatility started along with Brexit, a supply chain issue, and the Ukrainian war. It seems businesses have had to deal with hurdle after hurdle, and it isn’t stopping.
Massive chain stores such as CVS and Sears have closed various locations nationwide this year, and next year the closures aren’t stopping. Now, unfortunately, it’s Stop and Shop’s turn. The grocer will be closing some of its branches in the New Year.
IGA is closing its store in Indiana at the start of 2023 due to reduced customers and low profits. Something that is plaguing every store in the country. Its last day of business will be on January 2nd. While talks of a comeback may be on the cards for IGA. It has yet to be confirmed by the company.
The Freedom General Store in Freedom, Maine, is another store that has fallen to the economic uncertainty of 2023. It is clearing out its remaining stock before closing permanently. There is no specific closing date, but a going-out-of-business sale is happening this week.
Chain grocery store Stop and Shop will also be closing down at numerous locations next month. The Stop and Shop branch in Brooklyn, New York, is next on the chopping block for the grocery store. The store has been underperforming financially, and the chain store decided not to renew its lease. But residents shouldn’t worry about their grocery needs as Food Bazaar is taking over the premises.
Stop and Shop have already closed a number of locations throughout New York and New Jersey, but more closures are in the future for this store. They are also planning on closing their branch in Highland Park, New Jersey, but a date has not been specified.
While Stop and Shop maintain that these closures have nothing to do with the future of their business, it is hard to see how it couldn’t. They stated that they conduct financial reviews and audit their business performance on a regular basis, and the New York and New Jersey branches were underperforming compared to other stores.
It has been an incredibly hard year for everyone, and businesses are starting to feel the pinch. With hyperinflation increasing the prices of every essential service this year, people have less expendable money to bolster the American economy and businesses. Even if customers wanted to buy something, at the start of the year, some companies were finding it impossible even to get stock to the store, let alone sell it.
Putting all of these issues together, with war causing an energy crisis and Brexit adding import fees to everything exported from the United Kingdom, it is a logistical nightmare for any business to try and get out of. It is surprising that more businesses haven’t fallen under the pressure of it all.
