New York( CNN Business) In another sign of the times for retail, Lowe’s is closing 51 North American stores.
“The store closures are a necessary step in our strategic reassessment as we focus on building a stronger business, ” said CEO Marvin Ellison, in a statement.
Retail stores are struggling to adjust to the rapid rise of online patronize, particularly from Amazon( AMZN ). Many successful retailers with big stores have adjusted their business strategies to make better use of their physical spaces. Others, including Sears, Kmart and Toys “R” Us, failed.