Disney (NYSE:DIS) is closing 20% of its brick-and-mortar retail stores as it focuses more on its e-commerce business.
At least 60 of Disney’s North American locations will close, the company said, citing changing consumer behaviors and a desire to link its online shopping offerings to its Disney Parks apps and social media platforms. There are about 300 Disney Stores worldwide, including several in Canada.
The global pandemic has accelerated the shift away from physical stores to digital shopping by about five years, according to IBM’s (NYSE:IBM) U.S. Retail Index. Industry-wide e-commerce sales jumped 32.4% to $791.7 billion in 2020, and that figure is growing further this year.
Disney said it plans to close one-fifth of its Disney Stores and then evaluate where other closures may be needed. The company is looking at Europe, in particular, as a place to make significant reductions in its retail footprint.
