While milestones have been made on Wall Street, retailers are closing locations around the country.
Popular retailers such as Macy's and The Limited have closed multiple stores around the U.S. It is reported J.C. Penney will be included in the closing of multiple locations as well.
Ohio has faced a major blow with these changes, due to Macy's and The Limited both being based in Ohio.
In addition to The Limited closing store locations, the layoffs are being made at headquarters, with Macy's having to do the same.
Macy's is undergoing a reconstruction of its management as a part of a company-wide reorganization. In doing so, it has caused the closing of 100 stores. Sixty-eight of these closings were announced on Jan. 4. It is anticipated the closing of these locations will cause another 3,900 lay offs.
Another 30 Macy's locations will close in the coming year as leases or operating covenants expire or as the stores are sold.
According to Tom Traynor, an economist at Wright State University, the growth of Dayton's economy is partly attributed to increased spending and the growth of jobs in the retail and hospitality industry.
However, e-commerce industries, such as Amazon, have hurt the sales of traditional retailers.
The impact of these closures will be mean vacant spots for new retailers, as well as many people looking for jobs, which could lead to a positive outcome.
