Joann's Fabrics becomes latest big box retailer to announce store closures
GILBERT, Ariz. - Joann’s Fabrics is officially closing every one of its stores, including ones all over the Valley.
It’s the latest large retailer going out of business and it's having major repercussions for many shopping centers in Arizona.
It’s unclear when exactly Joann’s stores in the Valley will close, but for some strip malls, it's just yet another closure and another empty storefront that needs to be filled. Experts, however, remain optimistic.
What we know:
Following the announcement, the lines inside a Gilbert Joann's were long.
"Lots of shoppers and it’s gonna be like an hour wait to check out so we did not (buy anything)," said shopper Gloria Kopp.
The day after Joann’s Fabrics announced it was closing every one of its stores, crafters rushed to get good deals.
"What I’m doing now is I’m coming to look for beads and wire and just stock up. Now I have to find another store," said Jamie Thompson, another shopper.
In a statement, Joann’s said it made every possible effort to pursue a more favorable outcome. Once this Gilbert Joanns closes, this strip mall will continue its bad luck.
Of its ten main store fronts, five have closed for good: Big Lots, Bed Bath and Beyond, Office Max, Down East and now Joanns.
"It was booming, and now it’s a little ghost town. It’s sad," said Thompson.
What The Experts Say:
"That sounds like a graveyard of retail," said Bankrate Industry Analyst Ted Rossman.
He says despite the multitude of closures in strip malls like this one, retail is doing just fine.
"The demise of in-person retail is greatly exaggerated. 80% of retail sales still take place in person, so you know, no doubt, online is important. I would definitely advise every retailer to have a good online strategy, but it’s not that in-person is dead," said Rossman.
For empty storefronts, he says commercial property owners will need to get creative.
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What's next:
In this Gilbert location, the Bed Bath and Beyond has a sign that something is coming soon, but that something is left blank.
"Could that become a restaurant? Could that become something else?" pondered Rossman. "It doesn’t have to be a fabric store moving forward."
So even if something replaces Joann’s, these crafters will still likely have to find somewhere else to shop.
"Yeah, it’s definitely changed," said Kathryn Beck from Gilbert. "It’ll be interesting to see what goes in here."
"Something’s got to change. It’s getting worse. I think something’s gotta change," said Kopp.
What we don't know:
Since none of the closures have happened yet in the Valley, we don’t know exactly how many employees will lose their jobs in the Valley.