Latest news with #LawrenceBrothers
Yahoo
5 days ago
- Sport
- Yahoo
Lawrence brothers on 'another level right now'
Ricky Carmichael and Ryan Villopoto analyze the confidence that Jett and Hunter Lawrence are racing with, discussing how the brothers are on "another level" at the moment.
Miami Herald
23-04-2025
- Business
- Miami Herald
Beloved DIY retailer suddenly announces it's closing for good
It's not an exaggeration to say there has never been a worse time to be a retailer. Whether you're a chain that sells sports gear or sewing supplies, or a store that sells furniture or shoes, stores are struggling all over the place. Don't miss the move: Subscribe to TheStreet's free daily newsletter Many mall retailers have seen a steady decline over the last two decades, and they are facing the same fate that stores along small-town downtown streets have over the years: closure. Of course, there have been some months where mall foot traffic has increased, but those patrons aren't spending like they used to in many cases. Brick-and-mortar stores are expensive to operate and many of these stores just don't have the e-commerce infrastructure it takes to compete in today's digital world. Some have lost chunks of their audience and not been able to figure out how to recover. You can blame debt taken on during the Covid pandemic, or just plain old mismanagement, but many stores have struggled and more keep closing. "Adapt or die," goes the saying. And it's especially true in retail. Believe it or not, online retail has been around since the late 1990s, but we didn't really become addicted to shopping from our desks and phones until 2020. Now there's no going back. More on retail and bankruptcy: Walmart store closing, auctioning off laptops and flat screen TVsHome Depot CEO sounds the alarm on a growing problemFamous restaurant files for Chapter 11 bankruptcy One of the reasons online shopping is so popular is because it makes it easy for customers to compare prices between several outlets without having to drive from store to store. Still, e-commerce accounted for around 17 percent of retail sales worldwide in 2024. By 2029, the online segment is expected to make up around 21 percent of total global retail sales, according to Statista. E-commerce does offer some advantages for businesses. Amazon, as one e-commerce example, makes it easy for sellers to engage in "dynamic pricing," a strategy that allows a business to adjust its prices up or down in real time. This is nearly impossible for brick-and-mortar outfits to do. Related: Bankrupt retail chain suddenly closing all stores Of course, dynamic pricing has its downsides, too. Anyone who has booked an Uber or Lyft during rush hour, a snow storm, or after a concert knows too well the concept of surge pricing, which is basically dynamic pricing. Lawrence Brothers, a business in the United Kingdom, has been in business for more than 60 years. It was known as a place where customers could find everything from lumber and building supplies to paint and crafting supplies. The Lawrence Brothers locations in rural England operated stores that were beloved by the communities. In one of the small towns with a Lawrence Brothers store, in Sussex County, some 625 shops have closed since 2023. This is a significant number in a region with 1.7 million residents. According to a report in The Sun, there has been a 10% drop in the number of retailers continuing to operate in the county of Sussex. Related: Bankrupt retail group makes harsh move to dump its strongest brand A member of the Lawrence family, Jenny Lacey, said the stores were having a hard time making ends meet since once-loyal customers now prefer to shop online. On Facebook, customers expressed their dismay about the loss of a local institution. "Staff was always friendly and so helpful, great to get your wood and building materials," wrote Billy Davis. "Only the big corporations will survive but at a price to us all," added Mick Blunt. "Been buying their stuff for diy loss," said Stephen Willcock. People also exhorted their neighbors to #shoplocal, but it is too little too late for this family business. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
