Wisconsin #1 For J.C. Penney Closings
You'd think a state like Wisconsin with relatively modest wealth and persistently stalled growth would still have plenty of value-driven customers to support a traditional no-frills chain like J.C. Penney, but the company announced 33 store closings nationally and five are in Wisconsin - - more than in any other state.
The state cities losing their J.C Penney stores are Fond du Lac, Janesville, Rhinelander, Rice Lake and Wausau.
Again, we're on the wrong end of a national list.
Janesville? Paul Ryan, what are you doing wrong?
The punishing austerity being forced on Wisconsin residents has led to the lack of consumer demand causing these store closings. Other national businesses are well aware of this consumer liquidity problem and are certainly taking it into consideration when planning future expansion. Wisconsin can expect to see more payday loan sharks, pawn shops and perhaps some Dollar stores opening, but little else. Smaller family-owned businesses will fare much worse, but receive no headlines when they shut down.
Shifting revenue collection from the income tax to the sales tax will be the final blow for many Wisconsin retailers. Increasing numbers of citizens will opt to "Escape From Wisconsin" before it is too late.
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