FORT WAYNE, Ind. (WOWO): Recently, officials with three major retail chains – hhgregg, Gordmans, and Family Christian Bookstore – announced plans to file for bankruptcy. Some of those chains are also planning to close up shop in Fort Wayne.
What do the looming closures mean for the future of Fort Wayne’s retail industry? Lucretia Cardenas with Greater Fort Wayne Business Weekly tells WOWO News, it means oversaturation is becoming a problem.
“We have a lot of choices, online and locally, even with small local retailers opening up…The malls are losing them (big chains) it could be strip malls or large malls like Glenbrook Mall, they tend to be losing some of these big chains who just can’t seem to be able to compete with the online market…Where some of your little mom and pop shops around town are able to find niches and find demand.”
There could also be bad news looming for JC Penny. According to a report by AOL Finance, the Glenbrook Square Mall location is on a list compiled by Morningstar Credit Ratings of those that are at the greatest risk of closing, based on sales data.
RELATED: Report: Fort Wayne JC Penney may close
However, some off-priced store chains like, “TJ Maxx and Marshalls seem to be doing quite well,” says Cardenas.
