Bloodbath: Retailers Close Almost 2,600 Stores in 2024 So Far, Here's the List

As the retail landscape continues to shift in 2024, a growing number of well-known brands are being forced to shutter their brick-and-mortar locations.

In the first four months of the year alone, nearly 2,600 store closures have been announced by major retailers such as Macy’s, Walmart, Walgreens, Foot Locker, and 7-Eleven, according to a new report from the Daily Mail.

This staggering figure, if the trend continues throughout the year, would result in a total of 7,800 closures – a significant increase of almost 40 percent compared to 2023.

The challenges faced by these retailers can be attributed, in part, to the economic policies often referred to as “Bidenomics,” which have created headwinds for businesses.

Additionally, the rise in theft, often linked to lenient policies adopted by left-leaning prosecutors, has exacerbated the difficulties faced by these companies.

They exit with an entire clothing rack from a store in the San Francisco Bay Area.😳

🔊 …. 🚨🚨🚨

I am no expert, but I think that might have been above the $950 limit. They need to be more careful if they want to follow the new shopping rules in California.

I have no idea… pic.twitter.com/aPkIhfN0y5

— Wall Street Silver (@WallStreetSilv) September 24, 2023

Mike Simoncic, interim CEO of 99 Cents Only Store, highlighted these issues in a statement, citing “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.”

Discount stores and drugstores have been hit particularly hard by these closures.

Family Dollar and Dollar Tree, both owned by the same company, announced the closure of more than 600 stores in March, representing approximately 15 percent of their total locations.

The now-bankrupt 99 Cents Only Store followed suit in April, revealing plans to close all 371 of its stores across California, Texas, Arizona, and Nevada.

Major drugstores, such as CVS, Rite Aid, and Walgreens, have also contributed significantly to the closure count, with 315, 165, and 77 locations, respectively.

These pharmacies face increasing competition from online retailers like Amazon and big-box chains such as Walmart and Target.

Manhattan District Attorney Alvin Bragg announced that $1 million in stolen goods was recovered in a retail theft fencing operation as New York City cracks down on organized retail crime, a problem impacting cities across the U.S. pic.twitter.com/hbsMEMOLcT

— CBS Evening News (@CBSEveningNews) May 8, 2024

Rite Aid’s struggles have been compounded by its inability to settle hundreds of lawsuits alleging over prescription of opioids, ultimately leading to the company’s bankruptcy declaration in October and the closure of 431 locations since then.

The fashion industry has not been spared from this trend either.

Express, which also owns brands like Bonobos and UpWest, filed for Chapter 11 bankruptcy last month and announced its intention to close more than 100 stores.

The company listed assets and liabilities in the range of $1 billion to $10 billion in its bankruptcy court filing in Delaware.

As part of the bankruptcy process, Express plans to close approximately 95 of its retail stores and all 12 UpWest locations.

While store closures continue to mount, openings have slowed compared to the previous year.

By May 3, 3,560 store openings had been announced, a decrease from the 3,824 planned openings during the same period in 2023.

This represents a 9.5 percent decline in openings and a 2.5 percent increase in closures compared to the previous year.

The closure of nearly 2,600 stores in just four months serves as a sobering reminder of the difficulties faced by brick-and-mortar businesses in the current economic climate.

As the year progresses, it remains to be seen how these trends will continue to shape the future of retail in the United States.