The Wall Street Journal reports this morning that "European retailers hungry for growth are pushing deeper into the U.S., with some using the overexpansion of their American counterparts as a chance to pick up consumers and prime locations."
Among the largely apparel companies cited in the story as expanding into the US are H&M, Zara, Sports Direct International, Primark and Scotch & Soda - all of which are either opening stores in the US or acquiring existing stores. This, the Journal writes, "as American retailers, pressured by online shopping and cut-throat competition, are closing stores at a record pace.
"Credit Suisse estimates retailers will close more than 8,600 locations around the U.S. this year, which would surpass the number of closings during the 2008 financial crisis. Already this year 19 retailers including Payless Inc. and RadioShack Corp. have filed for bankruptcy protection, compared with 18 in all of 2016, according to S&P Global Market Intelligence."
Among the largely apparel companies cited in the story as expanding into the US are H&M, Zara, Sports Direct International, Primark and Scotch & Soda - all of which are either opening stores in the US or acquiring existing stores. This, the Journal writes, "as American retailers, pressured by online shopping and cut-throat competition, are closing stores at a record pace.
"Credit Suisse estimates retailers will close more than 8,600 locations around the U.S. this year, which would surpass the number of closings during the 2008 financial crisis. Already this year 19 retailers including Payless Inc. and RadioShack Corp. have filed for bankruptcy protection, compared with 18 in all of 2016, according to S&P Global Market Intelligence."
- KC's View:
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Go figure. European companies, looking to make American retail great again. C'est la vie.
