Losing Boscov’s

By Published by The Editorial Board

Published: August 8, 2008

Danvillians don’t need to be reminded that it’s painful to lose jobs. Tobacco and textiles defined this community’s economy for generations, but that didn’t save the thousands of jobs that were lost when those two giants collapsed.

Measured against the loss of tobacco and textiles, the impending closure of the local Boscov’s store is minor. Boscov’s opened its Piedmont Mall store less than three years ago and employed about 150 people.

Still, Boscov’s made a major investment when it came to Danville, building what is today the largest store in Piedmont Mall.

The city’s retail hub strategy of attracting shoppers from across the region will take a hit with the loss of this large store. While the strategy was developed after Boscov’s decided to build a store here, it was certainly part of the future.

Boscov’s was hurt by the sluggish national economy, and the local store was one of 10 that didn’t move enough merchandise to justify staying open.

“The downturn in the overall economy and consumer spending along with the serious credit market crunch have put severe pressure on our company’s financial position,” Boscov’s Chairman and CEO Ken Lakin said in a news release. In addition to closing the Danville store, Boscov’s has filed for bankruptcy protection.

At the same time Boscov’s is winding down in Danville, other stores are ramping up. Marshalls moved from Riverside Drive to Coleman MarketPlace, where it will join Target, Home Depot and other stores that are new to the community. A discount tool store and a close-out discount chain have also opened, or will open, soon.

“You always hate to see when you take a couple of steps forward and one step back,” Danville Economic Development Director Jeremy Stratton said.

Certainly, that’s how losing Boscov’s feels.

But the retail hub strategy still makes sense for Danville — new types of jobs for local residents, more tax revenue and more shopping choices close to home. We just thought Boscov’s would be a part of all that.