Yes, Walmart – a name known for the largest selection of electronics, home furnishings, video games, baby gear and more has announced that it will close 269 stores globally as it struggles to compete with online retailers like Amazon.
The company expected 3.7% growth according to the National Retail Federation failing which the sales rose just 3% in November and December. This is a big blow to the workers linked with Walmart. The Walmart closures will affect 10,000 US workers and 16,000 worldwide. Concerns about holiday shopping added to market concerns as stocks fell sharply.
Walmart’s decision to scale back its store numbers in the US is the face of how the retail sector is changing and bringing the new challenges with time. The growth of online, and especially of Amazon, has destabilized that lead and has given almost all consumers easy access to a wide-ranging and relatively cheap collection of products.