Last week’s news that our local Fred’s store will be closing marks the end of 50 years of the company’s history in Yazoo City.
The arrival of Walmart in Yazoo City almost certainly sped up the demise of the Fred’s store here. The parking lot was looking much emptier lately. Dollar General has also emerged as a fierce competitor in recent years, and the company has expanded its presence significantly with two stores in the city and locations in Benton and Bentonia.
That’s the way it goes in business. Sometimes only the strongest survive.
Local competition is one thing, but the rise of online shopping is the factor that is closing stores across our nation. I’ve read some pretty scary reports recently about predictions of major retailers closing numerous stores.
Businesses like Fred’s are particularly vulnerable to online businesses. People usually shop stores like Fred’s for low prices and convenience. It’s hard to compete with online retailers who can sell at lower prices because they don’t have the many expenses that come with maintaining a building and property. And other than a short wait, what’s more convenient than having a product delivered right to your door?
The once-strong retail stores closing isn’t unique to Yazoo City. Yazoo City recently lost its Payless Shoe Store, but the company declared bankruptcy and closed all 2,500 of its stores across North America.
Gap announced that its plans to shutter over 230 of its stores over the next two years.
Abercrombie & Fitch plans to close up to 40 stores this year.
Victoria’s Secret is expected to close over 50 stores this year.
Chico’s, a women’s clothing retailer than used to bombard our mailbox with catalogues, plans to close between 60 and 80 stores this year.
J.C. Penney is likely to close nearly 20 stores this year. J.C. Penney used to seem to me like the kind of store that would outlive us all, but then again I felt the same way about Sears.
Family Dollar announced this year that it plans to close 390 stores this year while renovating about 1,000 others. The company didn’t list the stores slated for closure, but Yazoo City has a lot at stake in that decision. Yazoo has two Family Dollar locations, including the large store on Broadway.
Businesses have no choice but to adapt to consumer spending. Many would argue, and I would be one of them, that things were better before the big box retailers dominated shopping so much that many small retail businesses could no longer compete.
Those small businesses that closed often did much more to give back to the communities they served because they were owned by people who lived there and had a stake in the future.
Online retailers have of course hurt the remaining small retail businesses, but they’re also now putting pressure on the larger operations.
When they can’t compete it leaves empty buildings behind. That’s often not good for communities struggling to attract new business to those vacant properties.
Change is inevitable, and consumers are going to get what they want, but I suspect there is going to come a day when Americans realize that the small savings and convenience enjoyed by shopping online had a much greater cost than any savings we enjoyed.
When we pass by empty building that once housed businesses that contributed to the local tax base and provided jobs surely we will wonder if it was worth it. Rising property taxes required to help fill the void will likely more than offset any savings we previously enjoyed.
Fortunately there are still small businesses that are thriving because they offer unique products and build their reputation on quality customer service and giving back to the communities they serve.
There are quite a few businesses like that in Yazoo, and they deserve our support.
