LOWER THE TIDE: Lowering the tide in retail, a retail industry already under pressure from the arrival of a new generation of consumers, will take the pressure off the struggling chains.
Lowe’s is taking a similar approach to its other businesses, where employees are being laid off and the company is cutting thousands of jobs.
The chain, the fifth-largest U.S. employer, said on Monday it would reduce 2,500 full-time jobs, including 2,000 retail and service jobs.
The moves are being driven by a combination of economic uncertainty, competition from retailers such as Amazon and Walmart and other factors.
“We have seen the retail landscape shift,” Craig Riesman, chief executive officer of Lowe’s, said in a statement.
“We’ve seen the pace of innovation and the pace and scale of innovation increase, but we’ve also seen the speed of that change.
We have more and more customers looking to go out to other retail stores and to shop.
And that is what we’re going to be doing.”
The company is shifting more than 100,000 jobs, according to a report from the National Retail Federation.
That is about one-third of the total company’s U.K. workforce, and about 10% of its workforce in the U.P. The chain, based in Bentonville, Ark., also is closing several stores, including its flagship store in the city.
It is the latest in a string of closures in the industry that have left millions of shoppers out of work.
But the company says it is taking advantage of the economic environment, which is not a bad thing for a company that makes $1.6 trillion a year in sales and $4.5 billion in profit.
At Lowe’s in Bentonia, about 10,000 workers have been laid off, and the number of stores has been cut by more than half, the company said.
The company said that by the end of 2019, about half of its staff will be employed at one or more of its stores.
The rest will be temporary or part-time workers.
LOWER THE TAX: The retailer said it would lower its corporate tax rate from 15% to 10%, a move that is expected to lead to a tax savings of $500 million to $1 billion a year.
It also said it plans to reduce taxes for individuals by about $300 million over the next three years.
TRADE LOSS: As the U and P economies are slowing, retail is facing a challenge of keeping up with demand.
Lower sales of clothing, home furnishings, electronics and other goods have slowed sales growth in the two economies.
In the U, the number in stores fell 5.5% in March from a year earlier, the Commerce Department said on Tuesday.
Retail sales, which are tracked by the Commerce department, declined 3.5 percent in the third quarter, the first time the number has declined in three quarters since the first quarter of 2018.
Other companies are struggling.
Macy’s has closed stores in the Midwest, where it has been struggling to compete with Amazon.
And Walmart has announced plans to shut down some stores in Ohio and Michigan.
HOSTILE LOSSES: Retails have also faced fierce competition from online retailing giants such as Alibaba, Snap and eBay.
Online retailers such in Alibaba, which has a market capitalization of $40 billion, have been a boon to the struggling retail industry.
EBay has also been struggling with growing customer base as consumers have switched to online shopping.
Some online retailers have started to sell their goods directly to consumers, including Walmart, which said last month it was closing its entire online stores and stores in states including Ohio and Georgia.
More than half of the stores in U.N. poverty-level cities are closed or reduced to the lowest level possible, according the U., with an average loss of about $15,000.
TOUGH TIMES: The retail sector has struggled in recent years.
The U.G.P., a measure of overall consumer spending, has fallen for three straight quarters.
That has put pressure on the business of smaller retailers such the ones in New York and Los Angeles, which have struggled to make ends meet amid the economic downturn.