Radio Shack has about 25 stores in the NYC area. Exact locations of the store closures have not been announced, but Radio Shack said it will evaluate 4 factors in making its closure decisions:
- Area demographics
- Lease life
- Financial performance
“Over the past few months, we have undertaken a comprehensive review of our portfolio from many angles…in order to consolidate our store base into fewer locations while maintaining a strong presence in each market,” CEO Joseph C. Magnacca said. “The result of that review is our plan to close up to 1,100 underperforming stores. We will continue to have a strong, unmatched presence across the U.S. with over 4,000 stores including over 900 dealer franchise locations.”
Radio Shack attempted to shed its outdated brand image with a 30-second Super Bowl ad featuring 80s icons like Hulk Hogan, Alf, Kid n Play and Mary Lou Retton rushing into a store to take back their 80s technology.
The ad intended to show Radio Shack’s “out with the old, in with the new” philosophy in redesigning its stores.
We asked a customers coming out of a store on 125th Street about how they would feel if the store closed, “I wouldn’t care if the store closed, I can get the same thing or better products at Staples further east and with better customer service.”
What do you think?