Companies should consider taking steps

[mdraufk.h.an.d.a]

The company initially planned an acquisition by nexus capital management but that deal fell through leaving big lots facing closure. While the new agreement brings hope the retailer continues to face challenges. Big lots has struggled to adapt to shifting consumer preferences relying too heavily on traditional brick-and-mortar retailing and failing to compete with discount giants like walmart and dollar general and specialized retailers such as tjx and ross.

Struggles with strategy and real estate big lots struggles are new zealand cell phone number list not unique in the discount retail sector according to naveen jaggi president and global chair of retail advisory services at real estate and investment management firm jll. From a consumer standpoint big lots did not have a clearly defined offering jaggi said in an interview with pymnts. They sold a lot of things to a lot of different people.

As opposed to their biggest value competition they couldnt compete against walmart or target and at the same time they couldnt compete against the value discount retailers like a dollar general for grocery or for fashion with retailers such as tjx and ross dress for less and now burlington. Too much of an emphasis on furniture didnt help big lots cause jaggi said. With housing sales at historic lows and new housing starts at historic lows no one is buying furniture and buying the kind of things that we were buying during the pandemic he said.