Advertisement
  • Subscribe To Fincastle Herald
  • Contact Us
  • Submit Content
Subscribe For $2.50/Month
Print Editions
Fincastle Herald
  • News
    • Local News
    • Featured Sports
    • Courthouse
      • Legals
    • Sports News
    • School News
    • Entertainment News
    • Church
  • Opinions
  • Obituaries
  • eHerald
  • State News
  • National News
  • Contact
  • My Account
  • Login
  • FAQ
No Result
View All Result
Fincastle Herald
No Result
View All Result
Fincastle Herald
No Result
View All Result

JCPenney’s closing part of changing retail environment

Beth Christian Broschart by Beth Christian Broschart
March 25, 2017
in Feed
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter


Josephh Kun is the new general manager at New River Valley Mall where JCPenney has been one of the stable retailers since the mall opened in 1988. He came on board about a year ago when CBL & Associates Properties LLC purchased the site from Philadelphia-based Pennsylvania Real Estate Investment Trust, and is optimistic his staff can find a suitable replacement somewhere down the road.

Meanwhile a Virginia Tech economist believes we are seeing a change in the way major companies do business as JCPenney and others shutter their doors, and maybe the start of full-blown evolution of a shopping.

Virginia Tech’s Sudipta Sarangi said JCPenney and Kmart are all casualties of the changing face of retail.

“E-commerce and evolving fashion trends are driving factors. This becomes self-fulfilling. Lower sales make it harder to maintain physical stores,” said Sarangi. “Stock prices also fall making it harder for firms to finance physical operations.

 

“E-commerce and evolving fashion trends are driving factors. This becomes self-fulfilling. Lower sales make it harder to maintain physical stores,” said Sarangi. “Stock prices also fall making it harder for firms to finance physical operations.

Sarangi is a professor and head of the Department of Economics in the College of Science at Virginia Tech. His fields of interest include experimental economics and development economics.

Another reason for more and more online services, according to Sarangi, is the new demographics of shoppers.

“The demographic that shops in Penney’s is different. It’s mostly older folks. Young shoppers prefer online shopping and inventory that is virtually unlimited. Closing stories will help Penney’s more effectively compete against the growing threat of online retailers,” he said.

Most JCPenney stores, including the 50,000 square foot store at NRV Mall, will begin liquidation sales April 17 and close in June.

Recently White Barn announced a joint expansion with Bed, Bath and Beyond, which will double the latter’s current square footage for a much larger combined store at NRV Mall.

Source link

Sign up for our newsletters

Enter your email address to receive weekly emails.

Please check your email inbox and spam folder to confirm your subscription.
Some fields are missing or incorrect!
Lists
Previous Post

Blacksburg mayor won’t seek re-election

Next Post

JCPenney’s closing part of changing retail environment

Next Post
JCPenney’s closing part of changing retail environment

JCPenney’s closing part of changing retail environment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Subscribe To Fincastle Herald
  • Contact Us
  • Submit Content

  • Login
Forgot Password?
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.
body::-webkit-scrollbar { width: 7px; } body::-webkit-scrollbar-track { border-radius: 10px; background: #f0f0f0; } body::-webkit-scrollbar-thumb { border-radius: 50px; background: #dfdbdb }
No Result
View All Result
  • News
    • Local News
    • Featured Sports
    • Courthouse
      • Legals
    • Sports News
    • School News
    • Entertainment News
    • Church
  • Opinions
  • Obituaries
  • eHerald
  • State News
  • National News
  • Contact
  • My Account
  • Login
  • FAQ