Target has announced their store in Waterford will be closing on January 29, 2011. According to Target, the decision to close “was made after careful consideration of the unit's long-term financial performance”.
The store, located at 355 Summit Drive, opened in 1987.
January closings tend to be more profitable as it allows the store to remain at full price during most of the holiday sales season. Clearance sales in January tend to be successful as shoppers are looking for – and expecting – low prices.
January is also considered a good month for store openings as new stores can be stocked with spring merchandise and escape after Christmas and winter markdowns.
Target has more than 1,700 discount stores in the United States, second only to Walmart. Kmart was once the leader in discount store count with over 2,100 stores spanning across all 50 states and Puerto Rico, but has dropped to just around 1,400 stores following the chain’s 2002 bankruptcy.
Kmart opened its first new stores in eight years in October by converting Sears Essentials stores to the Kmart banner. Openings were quiet with no grand opening fanfare beyond ribbon cuttings and cake.
© Rick Weaver, all rights reserved.
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