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Coresight Research: Store openings to outpace closings

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NEW YORK — Retailers are planning to open more stores than they close this year, according to a mid-year tally by Coresight Research.

The firm noted on July 4 that planned and announced retail store openings for 2024  total more than 4,200. Coresight estimates that store openings this year will outpace store closures by 20%, resulting in nearly 78 million square feet of new retail space.

The report is part of Coresight Research’s monthly US Store Tracker Extra series; it represents a midyear update as the company updates its study to include announced developments as of June 28, 2024. The updated numbers show an uptick in planned store openings compared to a previous version of the report, reflecting announcements through May 31, that showed major U.S. retailers planning 3,781 store openings for the year, and 3,279 planned store closures.

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