Walmart announced the closure of four stores in Chicago, Illinois, on Tuesday due to poor performance at the locations, a move that also occurs as the city sees worsening crime rates.
The retail behemoth said that the four locations “have not been profitable since we opened the first one nearly 17 years ago” with annual losses doubling in the past five years. The four Walmart stores that remain open “continue to face the same difficulties,” but executives believe shuttering some of the locations creates the best opportunity to keep the others open.
“Over the years, we have tried many different strategies to improve the business performance of these locations, including building smaller stores, localizing product assortment and offering services beyond traditional retail,” Walmart said in a press release. “It was hoped that these investments would help improve our stores’ performance. Unfortunately, these efforts have not materially improved the fundamental business challenges our stores are facing.”
Associates at the affected locations will be permitted to transfer elsewhere. Walmart added that they will continue seeking solutions to “racial inequity and food deserts” in Chicago.
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