For some, the last few months have been a scary time.
In Rock Springs, the economic center of Sweetwater County, three long-time chain stores will have shut down by the end of the year. J.C. Penney and Sports Authority have already shut their doors and Hastings recently initiated a liquidation of its stock. For a state still reeling from severe declines in its energy economy, news of such large chains closing their stores may look like more bad news for Wyoming. However, these closures have nothing to do with the state’s downturn, but more with national trends.
Hastings’ demise is probably the easiest to plot out, as it has more to do with shifting preferences in entertainment and evolving methods in delivering it. Movie rental businesses have seen sharp declines in business as a result of internet-based video streaming services like Netflix and Hulu. Compound that with a change in how music is purchased, away from physical CDs to digital files easily downloaded from services like iTunes, and you have a business model with a quickly-eroding base.
For Sports Authority, the retailer could not compete with larger Dick’s Sporting Goods or more specialized stores like the incoming Sportsman’s Warehouse, despite offering a wide variety goods.
In J.C. Penney’s case, the clothing retailer closed seven locations this year, following the closure of 74 stores in the last two years. Reports suggest the company is in the process of turning itself around, but as part of that turn around, have closed smaller locations, which included their Sweetwater County store.
While some have pulled out of the area, others are coming in. That’s the important thing to remember. The county will see a TJ Maxx and a Sportsman’s Warehouse coming into the area soon. If corporate decision makers didn’t believe Sweetwater County was worth investing in, we would only see empty storefronts in the wake of the closures.
Something else to remember is this is a great time for small businesses to create or sell products not easily found online. Online shopping has gained prominence over the last decade, but items not easily found or made available online will attract people into physical locations.
Offering quality and unique items will help small businesses stay open as online retailers continue taking up more marketshare.
The retail landscape might be changing in Sweetwater County, but the end isn’t here. Not by a long shot.
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