Value City Furniture is experiencing the same fate as another Columbus-based retailer Big Lots; the discount closeout store.
After failing to attract a buyer, liquidation of the discount furniture retailers’ stores has begun.
In other retail news, the parent company of luxury department stores Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman has filed for bankruptcy.
Whether it was Macy’s or Sears, department stores were once the anchor of shopping malls that offered consumer goods for every member of the family.
However, they’ve declined in recent years, marked by store closings, competition from online retailers, and changing consumer tastes.
Coming up, the bankruptcy of Value City Furniture, Saks Fifth Avenue and what it says about the future of retail.
Guests:
- Suzanne Kapner, reporter, Wall Street Journal
- Dan Eaton, reporter, Columbus Business First
- Brandon Svec, national director of retail analytics, CoStar Group
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