More than 60 of Walt Disney Co. North American stores will be closing due to the more recent shift to online business.
It will also result into an elimination of roughly 20% of its global footprint, since it is focusing on more on e-commerce.
As the world’s largest Entertainment Company which has experimented with different ways to get its merchandise to fans, the company has about 300 Disney stores now, a number that has shrunk dramatically over the years.
Disney has made its website more consumer-friendly and opened boutiques within other retailers. This is part of a push to rely less on its own brick-and-mortar shops.
On the number of stores, the company has about 600 retail locations globally, including stores in its theme parks and those owned by others.
The European stores are also in the plan of Disney as the company is also evaluating its shutdown, while the retail strategy is being considered.
Stephanie Young, president of Disney’s consumer products, games and publishing unit, reacted in a statement. She said, “While consumer behavior has shifted toward online shopping, the global pandemic has changed what consumers expect from a retailer,”
Due to store closures related to the pandemic, Disney is one of the world’s largest licensing companies have dropped in sales 7% last year to $4.18 billion, at its merchandise licensing and retail business.