Over 1,300 US Stores Are Set To Close This Year

According to a recent Business Insider compilation of reports from nine retail chains, over 1,330 stores across the U.S. have either closed or are scheduled to close in 2024.

This figure represents a significant drop from previous years. For instance, over 2,800 stores closed last year, largely due to the downfall of Bed Bath & Beyond.

Over the next five years, as many as 45,000 retail stores in the U.S. could close, according to UBS analysts. This wave of closures will primarily affect smaller businesses, even as major retailers such as Walmart, Costco, Target, and Home Depot continue to expand.

Leading the list of store closures this year is Family Dollar, owned by Dollar Tree, which plans to shut down at least 600 stores, with additional closures anticipated as leases come to an end.

Numerous companies are struggling financially, with Express and Foxtrot among them. On the flip side, though Walmart and TJX have some closures, they are set to open more locations than they shut down. At the same time, retailers such as Foot Locker and Macy’s are revamping their strategies to keep up with evolving consumer behavior.

Other store closures this year include CVS Health, a staple in the pharmacy and healthcare sector, which is set to close 300 stores as part of its strategic realignment efforts. Foot Locker, a popular destination for athletic footwear and apparel, will be closing 113 stores, while Express, known for its trendy fashion offerings, plans to shut down 107 locations.

Rite Aid, another prominent pharmacy chain, is scheduled to close 77 stores, reflecting adjustments in its store footprint strategy. Macy’s, the well-known department store giant, is shrinking its portfolio by closing 50 stores across the nation. Big Lots, a retailer specializing in discounted goods and home furnishings, anticipates closing between 35 and 40 stores. Foxtrot, a convenience store chain known for its upscale offerings, is planning to close 33 locations.

Even major players like Walmart and TJX Companies, which owns T.J.Maxx and Marshalls, are not immune to store closures. Walmart, the world’s largest retailer, will close seven stores, while TJX plans to close three of its locations.