Home » US business news » U.S Retail Giants Continue To Close Stores in 2024
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Retail store closures are on the rise across the United States, impacting major brands like Walmart and Dollar Tree.
Approximately 1,290 stores are set to shutter in 2024.
169 of those closures happened in the last week of April alone, as reported by Business Insider.
The retail sectors most affected include supermarkets and fashion outlets.
Clothing retailer Express announced the closure of 95 stores last week.
Two Dom’s Kitchen & Market locations and 33 Foxtrot stores also closed their doors on April 23.
Express explained its decision, saying: “We explored many avenues to continue the business but found no viable option despite good faith and exhaustive efforts.
"This decision has not been made lightly, and we understand the impact it will have on you, our loyal customers, as well as our dedicated team members.”
Urban Outfitters is also reducing its footprint.
It plans to close seven stores, including a decade-old location in Williamsburg.
Walmart is set to close one of its Neighborhood Market stores in Milwaukee on May 17.
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It is also closing all its health clinics due to an unsustainable business model.
In March, Dollar Tree revealed plans to shut nearly 1,000 underperforming Family Dollar stores in the U.S.
600 Family Dollar stores will close in 2024, and an additional 370 are expected to follow as leases expire.
The company cites rising inflation and increased shoplifting as significant challenges, according to CBS News.
Other retailers adjusting to market conditions include Macy’s, which earlier this year announced the closure of several "underproductive" stores.
CVS is also continuing its pattern of store closures for the third consecutive year to better meet customer needs.
Shop ‘n Save also plans to close a Pittsburgh store in May, paving the way for a new Aldi location.
A report by Coresight Research said major U.S. retailers have announced 7.4 percent fewer openings and 12.3 percent more closures compared to the same period last year.
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