Store closures are up 69% from last year as major retailers are shutting

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We are, finally, coming to the end of Bidenomics but, unfortunately, for many the damage has already been done.

Somehow, 4 years after Covid tyrants shut down the economy, major retailers are doing worse than ever in many ways.

U.S. retailers have announced more than 7,100 store closures through the end of November 2024, a 69% jump from the same time last year, according to recent data from research firm CoreSight. That comes as 45 retailers have filed for bankruptcy protection so far this year, compared with 25 retail bankruptcies for all of 2023, the report found.

This is a major economic bummer. 7,100 stores closed means thousands more jobs lost. Bankrupt companies also translates to thousands of lost jobs.

And while shoppers may be turning to Amazon and online shopping, not all of these workers will be able to find jobs the same way.

While retailers such as Walmart are finding ways of appealing to financially strapped shoppers, other chains are struggling. Target last month said its most recent quarterly earnings and sales fell short of forecasts. Family Dollar and CVS Health, which have struggled with economizing consumers, are among the companies with the largest number of closures.

‘There is not enough growth in the retail market for every player to do well, which is why we are seeing polarized results,’ Neil Saunders, an analyst with GlobalData, told CBS MoneyWatch about this year’s surge in store closures.

Here are the stores shutting down more than anyone else:

The retail landscape might stabilize next year, although there are likely to be additional closures in 2025, he added.

‘Retailers are trying to get their finances and operations in order. This has been a year of change after several years of disruption,’ he noted. ‘I think these things tend to go in cycles and we are currently in a bit of a down cycle for store closings.’

Right. If things turn around next year it’s just the cycle of things. Nothing to do with who is in the White House and all of the changes in economic policies.

No need to give blame or credit to anyone in particular.