The consumer landscape is far from stable these days. Over the past few years, companies have been dropping locations left and right as a number of different challenges impact nearly every business sector. This includes financial setbacks and staffing troubles that have been exacerbated by the pandemic and inflation rising to record heights. And mass closures aren't stopping anytime soon. In April, analysts from the financial firm UBS said they project there will be between 40,000 and 50,000 retail stores in the U.S. closing over the next five years. This week, one popular chain revealed its closures are already in the works. Read on to find out which company is closing 135 locations starting in October.
READ THIS NEXT: This Popular Grocery Chain Is Closing Stores, Starting Aug. 13.
A number of popular chains have initiated mass closures already this year.
While some companies have only closed a few locations here and there, mass closures are not uncommon in 2022.
Back in March, fashion retailer H&M announced that it would be permanently closing 240 stores by the end of this year. In May, it was revealed that more than 70 Sears Hometown stores would be closing in the coming weeks amid the start of dozen of liquidation sales. And just last month, popular sports chain Olympia Sports confirmed it would be shuttering all of its remaining retail locations by the end of September.
Now, another company is adding to mass closures set for fall 2022.
Another well-known chain is getting ready to close locations.
It's not just grocery stores and clothing companies paring down their retail footprint. PNC Financial Services Group just confirmed that it is closing a total of 135 in-store locations within grocery stores in the near future, the Business Journals reported on July 29.
According to the news outlet, the Pittsburgh-based bank chain is closing around 127 in-store branches at Giant Food and Stop&Shop supermarkets throughout Maryland, New Jersey, Delaware, and Washington, D.C. The other eight locations closing are located within ShopRite stores in Pennsylvania.
The PNC closures will start this fall.
Most of the 135 in-store PNC branches will be closing in waves throughout next year, according to the Business Journals. But the closures will actually begin this fall. The news outlet reported that PNC is reducing six branches across several states on Oct. 21—and this will include four of the 135 in-store branches.
PNC was already on track to shutter more than 100 branches before the end of June 2022, NBC-affiliate WPXI in Pittsburgh, Pennsylvania, reported in April. This is part of a major trend in big banks paring down branches as customers have started to prefer banking digitally rather than in person. But the massive set of in-store location closures reflects a separate but related trend, in which financial institutions are pulling out of retail establishments at a faster pace than closing traditional branches, the Business Journals explained.
The decision to close these branches was made after a careful review.
PNC is the fourth-largest bank chain in the U.S., which more than 2,500 branches spread throughout 26 states. But a spokeswoman for the company told the Business Journals that the decision to close more than 100 in-store branches was made following a careful review of its business model, strategic goals, and the potential impact to customers.
"We remain committed to delivering our purpose to move all forward financially, and we are confident that we can meet or exceed our customers' needs at nearby branch locations, including the additional 15 brick-and-mortar branches that will open in the northeast and Greater Washington region throughout 2023, alongside other available methods of banking," the PNC spokeswoman said.