These 5 Retailers Were Once The Top-Grossing In The Country
In the past 15 years these retailers dominated the industry and were among the top 20 grossing retailers in the country. But as the retail landscape has shifted, these five got bumped off the top 20 list this year.
Highest Grossing Years: 2005-2015
Revenue: $4.2B
Among the department stores under siege is Kohl's. The retailer announced the closure of 18 stores and the termination of 1,500 employees in March after reporting a 20% plunge in profits in Q4 2015. On a positive note, the company beat estimates on both profits and revenue in Q2 2016, with net income increasing by 7.7% to $140M.
Highest Grossing Years: 2003-2005
Revenue: $15.5B
Last year, the apparel chain was dealt a heavy blow when it closed 175 of its underperforming namesake stores in response to nine consecutive quarters of declining same-store sales. The retailer has been struggling in vain to keep pace with fashion-forward brands H&M and Zara, and its profits dropped 27% last year as a result.
Highest Grossing Years: 2000-2010
Revenue: $2.92B
JC Penney has closed more than 80 locations within the past three years due to declining same-store sales and e-commerce competition. The retailer has been working to improve its online platform to compete, and Fortune wrote it may be on the rebound with comparable sales up 4.5% compared to last year.
Highest Grossing Years: 2000-2015
Revenue: $5.7B
Sears has been on a downward spiral this year as the company announced the closure of several stores—10 overall that began shuttering in April. Same-store sales have been on the decline and in Q2 the company reported a loss of $370M.
Highest Grossing Years: 2000-2010
Revenue: $16B (as of 2015)
The primary reason Belgium's Delhaize Group (which owns Food Lion, among others) is no longer the highest grossing in the country because the company is finalizing a $31B merger with Dutch supermarket operator Ahold (Stop & Shop and Giant) that it's been nearing since early last year. The proposed merger would make Ahold Belhaize one of the largest grocers in the US, but in order to meet FTC approval the two agreed to shutter 86 stores between them.
