Since the beginning of what is known as the “largest economic recession” since The Great Depression, businesses and large corporations have been suffering greatly.
Recently, the nearby area has evidently been affected by the recession as well. According to the Security Exchange Commission, between October 2008 and January 2009 a multitude of large chains have already or are closing down, many of which are familiar stores to the Cherry Hill community. Caché, Talbots, Piercing Pagoda, Pacific Sunware, Linens and Things and Wilson Leather are only some of the stores that are completely closing down across the nation. Other stores are only closing down a portion of their stores, like Circuit City, Foot Locker, The GAP, Ethan Allen and Home Depot.
A chain e-mail has been circulating amongst members in the community with a list of stores that will be closing, including the stores already mentioned. Regardless of whether the companies are completely going out of business or only a few of their stores are closing, the community will definitely be noticing in places like the Cherry Hill Mall and The Promenade in Marlton an absence of some of the most shopped-in stores.
In the e-mail, it is suggested that people who have gift cards for stores should use them as soon as possible since more stores will probably close. On the same note, one should not purchase gift cards this holiday season as presents because it is highly possible that they will not be able to be used if more stores close down.
The closing of all of these stores does not just reflect upon America’s current economy, but demonstrates how people will feel the recession in their every day lives. Even in Cherry Hill the economic crisis can be felt as stores that have been around for years disappear. With the Cherry Hill Mall still in the process of being renovated, one might find not only a new look to the building, but unfamiliar stores as new companies try to break through the financial struggle that the old businesses could not.