ORANGE, CT (WFSB) - In another blow to retail stores, Lowe's announced that it will close 51 stores in two countries.
Among the stores slated to close was that of the location on the Boston Post Road in Orange.
Lowe's said on Monday that 20 of the stores are in the U.S. and the remaining 31 are in Canada.
"I didn't think it was this one because it gets pretty bus on Saturday and Sundays, but I guess they're competing with Home Depot, right," said Bill Ehalt.
Fred McKinney is the Innovation and Entrepreneurship Chair at Quinnipiac University.
Years ago, places like Home Depot and Lowe's impacted the small mom and pop shops, now the internet is doing the same.
"This is one more change and it won't be the last change. I can't tell you what the next change will be, but everything you can by in a Lowe's you can buy online, not only from some of the big online retailers like Amazon, but you can buy it from Lowe's website," said McKinney.
It said the majority of those closing are within 10 miles of another Lowe's store.
“While decisions that impact our associates are never easy, the store closures are a necessary step in our strategic reassessment as we focus on building a stronger business,” said Marvin R. Ellison, Lowe’s president and CEO. “We believe our people are the foundation of our business and essential to our future growth, and we are making every effort to transition impacted associates to nearby Lowe’s stores.”
The stores are expected to close by the end of the 2018 fiscal year, which is Feb. 1, 2019.
Lowe's said it does expect to conduct store closing sales for most of the impacted locations.
Fred McKinney, the Carlton Highsmith chair of innovation and entrepreneurship and director of the People’s United Center for Innovation and Entrepreneurship, called the closure a blow for the local New Haven economy.
However, he also said it's not surprising.
"Large-box retailers continue to be hard hit by dramatic changes in how consumers are shopping for goods, particularly products that can be bought and sold over the internet," McKinney said. "I suspect that senior leadership at Lowe’s believes that closing one store in Connecticut will not have dramatic impact on overall sales because of the proximity of other stores and an increased push to move sales to the internet. I fully anticipate other large chain retailers to continue this trend of store closures and consolidations. One of the lessons that is not lost on large retailers is the lesson of the bankruptcy of Sears. Many analysts believe that Sears waited too long to close stores and move more sales to the internet. This is a lesson that does not want to be repeated by other retailers."
The complete list of Lowe's store closures can be found on the company's website here.