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Stores That No Longer Exist
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Stores That No Longer Exist, Part 1
Nothing in this world is permanent, except the truth that things are temporary. And though some things may last a very long time, nothing lasts forever. In this video, this applies specifically to stores. You may have grown up with a favorite store, or still have a store you enjoy for nostalgia’s sake. But, some of the stores you loved or that you thought would never go away have, in fact, closed down. Though there’s many reasons a store may shutter, such as mismanagement, low sales, or an economic recession, bankruptcy tends to be the most common cause. Let’s take a trip down nostalgic memory lane and talk about 10 such stores right now.
Number 10: Circuit City
The famous Circuit City was first established in 1949 under the name Wards Company. Their business peaked around the 1970s and 1980s during which time they became the go-to consumer electronics store for all Americans. They were at the forefront of pioneering the new big box concept by making their stores a one-stop retail store for all varieties of electronic goods from televisions and stereos to refrigerators and automobiles. Their growth was booming and at their peak, they had 1,520 stores across the United States and Canada. However, everything went downhill for Circuit City when a CBS news analysis attributed that these large stores were too impersonal and highlighted the fact that they were paying no commissions to the sales team. When the financial crisis hit them in 2007, wages were being cut, branches being closed while management turnover became high. After 60 years of operation, the decision was made in 2009 to shut down Circuit City once and for all.
Number 9: A&P
The Great Atlantic and Pacific Tea Company, more commonly known to the people as just A&P was first established in 1859. Back in the day, A&P was initiated as a mail order business and had a few tea and coffee shops in New York. Over time, it was turned into a full-on grocery store during which time the business blossomed. They were the largest grocery retailer in the United States from 1915 to 1975 and the largest retailer of any kind in the United States until 1965. By now, you must be wondering how such a successful business bit the dust. Well, they had roughly 16,000 stores in the country. It seems that many stores for the chain was too large and unwieldy to keep under proper control. By the 1970s, the stores got conceptually stale and plagued by horrible customer service. The chain filed for bankruptcy in 2010 and 2015, and their last store closed in 2016 thereby marking an end of an era.
Number 8: F.W. Woolworth Company
The Woolworth company was founded by Frank Winfield Woolworth in 1879. Initially it started with a few stores called Woolworth’s Great Five Cent Store where cheap factory-made merchandise was sold for a nickel or two. Later on he brought in his brother, Charles Sumner Woolworth, to form Woolworth’s which would go on to become the first brand to expand internationally with over 5000 stores worldwide. In fact, in the mid 1970s, they apparently had a new store opening every 17 days. However, after World War II, growth began to slow down as a result of rising competitors. Stiff competition especially from discount retailers forced them to close their branches. Even though they purchased Footlockers, which are still operational today, the Woolworth variety stores closed completely all around the world in 1997. However, a few dozen Woolworth stores do still continue to exist in Mexico but under different ownership. It is said that Woolworth’s retailing ideas are still used by several businesses today.
Number 7: Sam Goody
Established in 1951 in New York City by Sam Goody, the store was originally a small music shop. Over the years business began to boom and Sam Goody became the flagship store for the music industry selling records and CDs. They merged with Musicland to expand their business. At their peak, Sam Goody had over 800 stores in the United States and brought in several billion dollars worth of revenue. In fact, they recorded 7% of the nation’s sales in 1955. However, a while later Sam sold the ownership to the American Can Company after which ownership changed multiple times. The business model was altered several times to try keep up with the digital revolution in music. But, Sam Goody stores faltered and began to shut down one by one. By 2012, almost all of the stores were gone and those that were left, were eventually rebranded to FYE stores. |