Shopping for home items? Chances are you're doing more of it online, and retailers are responding. Bed Bath & Beyond is planning to close 37 stores in the near future, part of a previously announced effort to scale back its retail footprint.
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In 2020, the retailer said it would close 200 stores nationwide. It's part of a multi-year project to revamp the company amid declining sales and fewer in-store visitors, much of that thanks to competitors including Amazon and Target stealing away shoppers. Among the hardest-hit states in this round of closures: New York, where seven stores will close, California, where five will close, and Washington, which will lose four locations.
Bed Bath & Beyond isn't the only retailer cutting back on bricks-and-mortar locations. Macy's has also released a list of store closures for this year. Included are six full department stores and a Bloomingdale’s outlet shop. The department-store giant has targeted 125 total closures by 2023. CVS also recently announced a round of closings, saying that it will shutter 900 of its nearly 10,000 stores over the next three years while it pivots away from retail and toward providing more health-care services.