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Author Topic: Cleveland: Retail News  (Read 11059 times)

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Offline KJP

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Re: Cleveland: Retail News
« Reply #3480 on: November 03, 2017, 05:18:25 PM »
November 03, 2017 2:55 pm      UPDATED 3 HOURS AGO
Kmart store in Cleveland to close
[/size]By[/color] STAN BULLARD [/font]This will be the last holiday shopping season for the Kmart store at 14901 Lorain Ave. in Cleveland.

Sears Holdings Corp. (NASDAQ: SHLD) announced Friday, Nov. 3, that the store is among 45 Kmart stores and 18 Sears stores the Hoffman Estates, Ill.-based retailer will close by the end of January. A Sears Holdings statement said some of the stores will start holding liquidation sales on Thursday, Nov. 9.

The closings are the latest the owner of Sears and Kmart stores have set this year as it continues to trim its physical footprint and adapt to online retailing. The Kmart store on Rockside Road in Garfield Heights was targeted for closing in August in another round of shutdowns.

MORE:
http://www.crainscleveland.com/article/20171103/NEWS/171109948/kmart-store-in-cleveland-to-close
« Last Edit: November 08, 2017, 10:02:30 PM by ColDayMan »
America will never be destroyed from the outside. -- Abraham Lincoln.

Offline YABO713

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Re: Cleveland: Retail News
« Reply #3481 on: November 06, 2017, 12:20:03 PM »
It appears that the MetroHome store on the first floor of 1717 has closed its doors. Wild, considering I walked by on Friday and everything was up and running. The entire space is now empty.

Offline mrclifton88

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Re: Cleveland: Retail News
« Reply #3482 on: November 06, 2017, 12:43:24 PM »
It appears that the MetroHome store on the first floor of 1717 has closed its doors. Wild, considering I walked by on Friday and everything was up and running. The entire space is now empty.

I don't believe this was entirely a location-based issue, as the Mentor location also closed last year.

Offline stpats44113

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Re: Cleveland: Retail News
« Reply #3483 on: November 06, 2017, 04:20:31 PM »
It appears that the MetroHome store on the first floor of 1717 has closed its doors. Wild, considering I walked by on Friday and everything was up and running. The entire space is now empty.

I don't believe this was entirely a location-based issue, as the Mentor location also closed last year.

It was a location based issue. I️ spoke to the owner and he said didn’t justify the rent.

Offline PoshSteve

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Re: Cleveland: Retail News
« Reply #3484 on: November 06, 2017, 05:34:24 PM »
That's a shame. I liked that store. I wonder if they'll be opening a new location around somewhere, even if its not downtown. If I remember correctly, the Mentor store closed because they had opened the Downtown one, and they didn't want two locations.

Offline osu87

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Re: Cleveland: Retail News
« Reply #3485 on: November 08, 2017, 08:13:40 PM »
It appears that Penzies Spices maybe moving from Eton over to the shopping center where Whole Foods currently is in the old Starbucks space

Offline KJP

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Re: Cleveland: Retail News
« Reply #3486 on: November 09, 2017, 02:37:28 PM »
Uh oh. Risky debt is coming due. The greater Cleveland area is especially at risk....

America’s ‘Retail Apocalypse’ Is Really Just Beginning
By Matt Townsend, Jenny Surane, Emma Orr and Christopher Cannon
November 8, 2017

The so-called retail apocalypse has become so ingrained in the U.S. that it now has the distinction of its own Wikipedia entry.

...But chains also said 6,800 would close. And this comes when there’s sky-high consumer confidence, unemployment is historically low and the U.S. economy keeps growing. Those are normally all ingredients for a retail boom, yet more chains are filing for bankruptcy and rated distressed than during the financial crisis. That’s caused an increase in the number of delinquent loan payments by malls and shopping centers.

The reason isn’t as simple as Amazon.com Inc. taking market share or twenty-somethings spending more on experiences than things. The root cause is that many of these long-standing chains are overloaded with debt—often from leveraged buyouts led by private equity firms. There are billions in borrowings on the balance sheets of troubled retailers, and sustaining that load is only going to become harder—even for healthy chains.

The debt coming due, along with America’s over-stored suburbs and the continued gains of online shopping, has all the makings of a disaster. The spillover will likely flow far and wide across the U.S. economy. There will be displaced low-income workers, shrinking local tax bases and investor losses on stocks, bonds and real estate. If today is considered a retail apocalypse, then what’s coming next could truly be scary.

MORE:
https://www.bloomberg.com/graphics/2017-retail-debt/
America will never be destroyed from the outside. -- Abraham Lincoln.

Online roman totale XVII

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Re: Cleveland: Retail News
« Reply #3487 on: November 14, 2017, 09:27:34 PM »
It appears that the MetroHome store on the first floor of 1717 has closed its doors. Wild, considering I walked by on Friday and everything was up and running. The entire space is now empty.

I don't believe this was entirely a location-based issue, as the Mentor location also closed last year.

As much as I hate to see anywhere downtown close, I’m not in the least bit surprised by this. Subjectively, their furniture was awful to look at. They were aiming at, and marketing ‘contemporary’, but whoever was designing the stuff had no idea. More objectively, even if I did like anything they had, I couldn’t buy it as they had nothing sized for apartment living. The sofas, credenzas etc were all full sized and built for outer-ring McMansions.
I went in there when it first opened and was quite prepared to drop a few grand on soft furnishings for the apartment I’d just moved into. I spent the money at BO Concepts and IKEA instead.
« Last Edit: November 14, 2017, 09:33:42 PM by roman totale XVII »

Offline osu87

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Re: Cleveland: Retail News
« Reply #3488 on: November 22, 2017, 01:22:25 PM »
At Eton, Menchies Yogurt closed and sign already up Kendra Scott coming soon. No sign in the former Penzy’s Spices what is going there

Offline mrnyc

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Re: Cleveland: Retail News
« Reply #3489 on: November 22, 2017, 02:39:36 PM »
^ i have a work site in dobbs ferry, ny with a menchies next to it. its pretty good i like it. there are good chains lol.

Offline freefourur

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Re: Cleveland: Retail News
« Reply #3490 on: November 22, 2017, 02:42:18 PM »
Interesting that the Menchies closed because Stark owns the master franchise for NEO if I'm not mistaken.

Offline osu87

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Re: Cleveland: Retail News
« Reply #3491 on: November 22, 2017, 07:39:50 PM »
I believe you are correct

Offline Pugu

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Re: Cleveland: Retail News
« Reply #3492 on: November 22, 2017, 07:52:42 PM »
"master franchise for NEO "   does that mean one person/company owns all stores of a chain within a given market?

Offline freefourur

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Re: Cleveland: Retail News
« Reply #3493 on: November 22, 2017, 08:57:06 PM »
my understanding is that Stark owns the rights to Menchies franchises in NEO.  If anyone wants a Menchies they have to go through Stark.  Again, I might be wrong.

Offline eastvillagedon

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Re: Cleveland: Retail News
« Reply #3494 on: December 07, 2017, 01:26:33 PM »
I guess this falls under the category of past glory, but a sad comment on not just Cleveland but to some extent all cities, and the decline of the great department stores--

Area residents reflect on ‘The Golden Age of Shopping in Downtown Cleveland’

http://www.news-herald.com/general-news/20171206/area-residents-reflect-on-the-golden-age-of-shopping-in-downtown-cleveland

Online freethink

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Re: Cleveland: Retail News
« Reply #3495 on: December 10, 2017, 09:33:21 PM »
WOIO is reporting that Aspire Fitness Center seems to be behind the recent construction at the former Best Buy at Steelyard Commons.

http://m.cleveland19.com/story/37022873/construction-happening-inside-former-best-buy-building-in-clevelands-steelyard-commons