They overbuilt because if a competitor opened a store, they’d open on right next to it…
That strategy was never going to be profitable, they were trying to run competitors out of business.
Most of those stores were going. To close for one reason or another, the growth wasn’t sustainable but it made stock prices go up and then they had to invent a reason to close store that would keep stock prices high.
Didn’t we finally realize that the whole “shoplifting epidemic” was all bullshit to cover up inept corprate management?
Yes. https://www.nytimes.com/2023/11/29/briefing/shoplifting-data.html
They overbuilt because if a competitor opened a store, they’d open on right next to it…
That strategy was never going to be profitable, they were trying to run competitors out of business.
Most of those stores were going. To close for one reason or another, the growth wasn’t sustainable but it made stock prices go up and then they had to invent a reason to close store that would keep stock prices high.