Retail, Chain Store Closures Have Surged 69% In 2024: Which Were Affected?

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A general view of a CVS Pharmacy store on August 23, 2024 in Oceanside, New York. Long Island is the home for a plethora of local and national business concerns. (Photo by Bruce Bennett/Getty Images)

OAN Staff James Meyers
11:57 AM – Friday, December 27, 2024

With CVS, Big Lots, and other businesses closing several locations across the U.S. this year, the number of store closures is up by 69%, increasing tremendously in 2024.

According to data from multiple sources, there have been 7,308 confirmed or planned store closings in the U.S. so far in 2024, which is up almost a staggering 3,000 from a year ago in 2023. On the flip side, there have also been 5,818 store openings since the start of 2024.

The Family Dollar store has reportedly closed the highest number of stores, with 718 confirmed closings.

CVS has closed or is “in the process of closing” 586 locations.

Big Lots is said to be closing 580 locations this year, Coresight reported.

In early 2024, Family Dollar’s parent company, Dollar Tree, announced its plan to close 600 underperforming Family Dollar locations between March and June. Additionally, 370 Family Dollar and 30 Dollar Tree stores would shutter at the end of each store’s current lease term, the company stated in March.

“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.

Furthermore, here are the chains that had the highest reported closures this year, according to Coresight:

1) Family Dollar (718)

2) CVS (586)

3) Big Lots (580)

4) Conn’s (553)

5) rue21 (543)

6) 7-Eleven (492)

7) Rite Aid (408)

8) 99 Cents Only Stores (371)

9) American Freight (353)

10) Walgreens (259)

Most of the companies agreed that “high inflation” and “high interest rates” were to blame and the main reasons for their business struggles.

They also argued that consumers have cut back on spending on home and seasonal products, with many Americans choosing to spend their money on Amazon instead, citing “cheaper prices and less driving.”

However, even with the onslaught of 2024 closures, some of these stores are also now planning on expanding their locations as well, following Donald Trump’s presidential election win. Dollar General spokespersons announced that the company is in the process of opening 754 new locations this year, while Dollar Tree is opening 541, and 7-Eleven is opening 295.

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