Jan 21, 2023
Major sports store shutting its doors for good – see why they’re not the only retailer moving on
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A LARGE NikeTown store in the heart of Seattle closed its doors yesterday-and its part of a growing and troubling trend.
The sportswear giant announced that the store, which had been in downtown Seattle since 1996, would be permanently closing.1Niketown in Downtown Seattle closed this weekCredit: Getty
"We look forward to serving you at Nike.com," a sign on the store read.
Nike is just the latest retailer to flee Seattle as the city continues to struggle with both broader turbulence in the retail market and crime concerns in the city.
The Downtown Seattle Association (DSA) addressed the closure and broader retail issues in a statement.
"For several years, retailers have been evaluating changing needs for space and scale. We’ve seen that in urban areas since before the pandemic," said the DSA.READ MORE ON RETAILUNDER SIEGE Major stores clamp down on thefts after retail boss warned of ‘siege mentality’RETAIL APOCALYPSE Major book retailer with 600 stores to start closing multiple locations
"We never like to see a downtown retailer choose to close and Niketown has been a great part of our retail mix through the years," they continued.
Still, the association touted the area's ability to find other retailers despite well-publicized concerns over crime and homelessness.
"We are excited about several newcomers who have opened their doors in recent months with more on the way. To help foster their success we need to ensure a safe and welcoming environment, something that’s been improving in downtown and is top of mind for our city leaders," they said.RETAIL BLUES
It has been a rough start of the year for the already struggling retail sector.Most read in MoneyBUDGET FINDS Five items to only buy at Walmart because they are cheaper than other storesSHUTTER DOWN Exact date major arts and crafts retailer with 850 stores closes locationsSAD GOODBYE Banana Republic becomes one of 350 Gap-owned stores to be closed by end of 2023SLICK STORE Walmart to ‘streamline’ shopping - and it's good news if you hate self-checkout
Many household names have closed dozens if not hundreds of stores, and some have or are considering filing for bankruptcy.
Bed Bath and Beyond announced its intention of closing 150 stores to avoid filing for bankruptcy.
The company hopes the closures along with other cost-cutting measures will save $80-$100million.
One brand that has already succumbed to bankruptcy is Party City.
The company cited softer than usual sales as well as competition from seasonal pop-up stores as just a couple of reasons they are filing Chapter 11.
Meanwhile, iconic department store Macy's has been in the process of closing over 100 stores since 2020.
One glimmer of hope came from Chief Executive Officer Jeff Gennette who said the company was in the "final stretch" of store closures.
See which chain is trying to buck trends and make a big comeback.
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Exact date major arts and crafts retailer with 850 stores closes locationsFollow The SunServices
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