NORFOLK, Va. — The state of retail was changing even before the coronavirus pandemic. Big-name specialty retailers are closing stores nationwide, including here in Hampton Roads, while the largest buy-anything brands like Amazon, Target, and Walmart continue to thrive.
That divide has only gotten larger since the pandemic started.
According to the National Retail Federation, North Carolina and Virginia both have strong standings in the retail industry, combining to make up almost six percent of the entire country’s direct retail employment. That means lots of local jobs could be, and already are, on the line.
Stein Mart, Brooks Brothers, GNC, Pier 1, Tuesday Morning, Joseph A. Bank, and Men’s Wearhouse are all familiar names that have filed for bankruptcy this year. Out of this group alone, 17 local retail stores will close.
If there is any promising news, it’s that the job loss from these closures may only be temporary. If companies like Amazon, Walmart, and Target continue to expand because of online shopping, they’ll need more fulfillment centers and warehouses to keep up with the demand. And they’ll need more people to run them.