JACKSONVILLE, Fla. – A number of department store chains have been shutting their doors recently, and the reason why might surprise many people.
Stores from Macy's, J.C. Penny and Sears to Victoria's Secret and The Gap have been closing before the holiday rush can even begin.
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The reasoning behind the closures are because of off-price retail stores like T.J. Maxx, Ross and Nordstrom Rack.
Another reason is that many people are ordering online through marketplaces like Amazon.
The shopping trend started from habits people started to pick up during the Great Recession.
People want more bang for their buck.
Analysts expect off-price apparel retailers to experience revenue growth of six percent to eight percent.
They also expect market share for these stores to grow about 10 percent of apparel sales by 2018. That is up from 8.8 percent in 2015.
Analysts said products in the home category, like towels, pillows and other furnishings, helped boost sales for off-price stores.
Off-price stores are also expanding their selections online, which is playing a big role.
Consumers can expect to see even more growth.
Burlington Coat Factory wants to add 80 to 100 stores this year. Ross, T.J. Maxx and Marshalls want to open 40 to 60 new stores each, with Nordstrom Rack planning to add 35 stores.
The growth is good news for the consumer, and comes just in time for the holiday season.