In recent years, the media has frequently reported news about various brands closing their stores, citing reasons such as operational issues, changes in consumer habits, or shifts in marketing strategies. A survey shows that as of 2024, a total of 2,055 stores across the United States from 13 different brands have announced closures or are in the process of closing.
However, this number is still lower than in 2023 when the closure of just Bed Bath & Beyond led to over 2,800 store closures.
The brand with the highest number of store closures this year is Family Dollar under Dollar Tree. The company plans to close at least 600 stores, with more closures expected as leases expire.
On the other hand, companies like Walmart and TJX are planning to expand their store count more than the number of closures.
Some companies, such as Foot Locker and Macy’s, are adjusting their business strategies as consumer shopping patterns evolve.
An analyst from UBS predicts that over the next five years, the total number of retail store closures in the U.S. could reach 45,000, mainly focusing on smaller stores, while major retailers like Walmart, Costco, Target, and Home Depot may continue to expand.
Here is the breakdown of the number of store closures and reasons for the closures of 13 brands across the U.S., as compiled by Business Insider:
During the first half of the year, Family Dollar is set to close 600 stores, with an additional 370 stores planned for closure in the coming years as leases expire.
The parent company of 7-Eleven, Seven & i Holdings Co., has announced the closure of 444 stores in North America due to poor financial performance.
CVS has revealed a three-year plan to close 900 stores, citing changes in demographics and consumer patterns as reasons for reevaluating the locations and store count.
LL Flooring, formerly known as Lumber Liquidators, filed for bankruptcy protection under Chapter 11 and will be closing all its stores after failing to find a buyer.
Denny’s announced the closure of 50 restaurants by the end of 2024, with an additional 100 closures in 2025.
Foot Locker will be closing 113 stores by the end of their fiscal year in February next year.
Express will be closing 95 flagship stores and all 12 UpWest brand stores.
Following the closure of 150 stores in 2023, Rite Aid will close 77 stores in 2024.
Conn’s HomePlus, a furniture and electronics retailer based in Texas, will be closing 71 stores across 13 states.
Macy’s plans to close a total of 150 stores over the next three years, with 50 closures in 2024.
Big Lots intends to close 35 to 40 stores in 2024, following the closure of 35 stores in the previous year.
In April, boutique convenience store Foxtrot closed 33 stores due to falling short of their sales target compared to 2023.
Buybuy Baby, a former subsidiary of Bed Bath & Beyond, will transition to a digital-first brand and close remaining stores by the end of the year.
Walmart will close seven stores across four states due to underperformance, while planning to open 150 new stores over the next five years starting from 2024.
TJX closed two T.J. Maxx and one Marshalls store, but the addition of 45 new stores and 83 new stores from their other brands in the U.S. will offset these closures.