On October 26, 2021, Walmart announced that it would be closing all of its stores in the United States.
Walmart announced that it would be closing all of its stores in the United States on October 26, 2021. This came as a surprise to many people and left them wondering why the world’s largest retailer was shuttering its doors. The decision was made after years of declining sales and mounting pressure from other big-box retailers such as Target and Amazon. While this decision has been met with some criticism, there are several reasons why Walmart decided to close its doors for good.
Why is Walmart closing in Portland?
The closure of all Walmart stores was a result of poor sales. In the five years leading up to the closures, annual revenues had declined by $1 billion. This can be attributed to both competition from other big-box retailers and an increase in online shopping over physical retail locations.
What is Walmart?
Walmart, Inc., or simply Walmart, is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores known as Wal-Mart Stores in various countries around the world.