Electronics retailers hhgregg became yet another casualty of a rapidly changing economy on Friday, which is causing brick and mortar stores to close. The retailer announced its closing its remaining stores by the end of the year.
Just 12 weeks into 2017, more than a dozen major retailers have announced store closings. The impact means thousands of shops will close by year end, resulting in the layoff of tens of thousands of employees.
Click HERE to see a full list of stores closing in 2017.
Why are so many stores closing? Richard Kestenbaum, a contributor to Forbes Magazine, said it is partly due to how people are shopping, as well as changes in what younger shoppers are looking for.
"Now that everyone has all the selection they could want on their phone, the original idea is obsolete," Kestenbaum said in his recent column Why So Many Stores Are Closing Now. "As smartphone penetration and internet use has increased, the importance of retail stores has declined."
In addition to technology, Kestenbaum said that younger customers are wanting more locally produced, authentic and environmental friendly products compared to older consumers.