Just four months into 2024 and nearly 2,600 retail stores in the nation have permanently closed.
Major retailers such as Macy’s, Walgreens, CVS, and Walmart announced the closure of multiple stores in the U.S. with discount stores like Family Dollar taking the hardest hits.
“If the closures were to continue at the same rate for the rest of the year they would total 7,800 in 2024 – almost 40 percent more than the total in 2023,” Daily Mail reported, noting that online sales have sent many brick-and-mortar retailers onto life support.
According to Daily Mail:
Between January 1 and May 3, retailers closed or announced plans to close a total of 2,599 locations, according to Coresight Research.
An additional 12 store closures in the last week were led by Skechers and Save A Lot with eight and two respectively. QuikTrip and Walmart each planned one.
Meanwhile, store openings were up to 3,560, less than the 3,824 that had been planned by this time last year.
Year to date, major US retailers have therefore announced 2.5 percent more closures and 9.5 percent fewer openings compared to the same time last year.
About 15 percent of all locations of Family Dollar and Dollar Tree – about 600 stores – will be closing this year while the 99 Cents Only Store ranked as the company with the second-highest number of closures.
“In April, it announced it would close all 371 of its locations, blaming high inflation and rising theft,” according to Daily Mail. “The West Coast brand – which has stores in California, Texas, Arizona and Nevada – announced the news without giving a timeline for the closures.”
The decision was based on “lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures and other macroeconomic headwind,” according to a statement from interim CEO Mike Simoncic.
Drug stores made hard decisions with CVS reportedly closing 315 stores, Rite Aid closing 165 and Walgreens closing 77 stores already this year. Rite Aid declared bankruptcy last October and has shuttered 431 locations since then. The pharmacy has reportedly “been unable to settle hundreds of lawsuits accusing the company of overprescribing opioids.”
Other retailers affected by significant closures included 7-Eleven which shut down 272 locations and fashion retailer Express which filed for Chapter 11 bankruptcy. The company aims to close about 95 Express stores and all of its 12 UpWest stores.
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Frieda@bizpacreview.com
Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida where she has been writing for the BizPacReview team since 2015.
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