More stores closing their doors

Published: Mar. 7, 2019 at 5:25 PM EST
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Women's clothing retailer Charlotte Russe has announced it is closing all of its stores. It marks one of the latest in a growing list of companies facing closures.

Shopper Virginia Hogg has been going to stores like Sears and JCPenny all of her life.

"We were raised with Sears and Pennies, people as old as I am," Hogg said before she walked into Valley View Mall.

But now these retailers are closing some of their stores, and the women's clothing retailer Charlotte Russe is the latest to jump on board. Charlotte Russe is shutting down all of their stores.

"The stores closing down is really sad, just think how many people is going to be without jobs," Hogg added.

We sat down with an economist at Virginia Tech to find out how this could impact southwest Virginia.

"Possible danger for the economy is that there will be fewer and fewer employment opportunities especially for people with less education, that's been going on for some decades and that's another manifestation of that," Nicolaus Tideman, a Professor of Economics at Virginia Tech, said.

Tideman says the internet has permanently changed how many people shop.

"The internet made it possible for us to do things that weren't possible previously . . . Now, we simply don't need to go to the store when we need stuff," Tideman added.

But he isn't worried yet because the unemployment rate is still low and, "The loss of jobs in stores is accompanied by an increase of jobs elsewhere," he said.