Over 7,300 stores closed in the US in 2024, a 57% increase from the previous year. Major retailers like Family Dollar, Walgreens, CVS, Big Lots, and Party City were among the hardest hit.
Lake Effect Snow Warning for Wyoming and Wayne Counties from late today through Sunday. Wind Advisory for Yates through Midnight. The retail landscape in the United States faced a significant downturn in 2024, with store closures reaching alarming levels. According to Coresight Research, more than 7,300 stores shuttered their doors, marking a 57% increase from the previous year.
This surge in closures is the highest since 2020, when the COVID-19 pandemic caused widespread disruption for businesses. Among the hardest hit were major retailers, including Family Dollar, which closed 718 stores, and over 1,000 Walgreens and CVS pharmacies. Big Lots also saw 600 of its locations close, while Party City announced the closure of all 700 of its stores.Additionally, many pointed to intensified competition from retail giants such as Amazon, Walmart and Costco as contributing to their struggles
Retail Store Closures Economy Competition Amazon
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Retail Store Closures Surge in 2024Major US retailers closed over 7,300 stores in 2024, marking a 57% increase from the previous year and the highest annual closure rate since the pandemic. Chains like Family Dollar, CVS, Walgreens, Big Lots, LL Flooring, and Party City were among those impacted, along with restaurant chains like Red Lobster, TGI Fridays, Denny's, and Applebee's. Factors contributing to the closures include high inflation, competition from online retailers, and strategic missteps by some companies.
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