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NEW YORK — According to Coresight Research, more than 7,300 stores closed in the United States in 2024, which is a 57% increase from 2023. This is the highest number of store closures since 2020, when the COVID-19 pandemic caused widespread disruptions and closings.
Store shutdowns occurred across the country, as more consumers turned to other shopping options such as e-commerce. "Overall, the surge in brick-and-mortar store closures this year can be attributed to a rise in online shopping and consumers’ growing dissatisfaction with retailers that fail to meet expectations in customer service and pricing," said Deborah Weinswig, Coresight's CEO.
Some of the retailers that closed locations in 2024 include:
- Family Dollar: Closed 718 stores
- Walgreens and CVS: Closed more than 1,000 pharmacies
- Big Lots: Closed 600 locations
- Party City: Closed all 700 of its stores
Retailers cited high inflation as a significant factor impacting their operations.
In addition, many pointed to intensified competition from retail giants such as Amazon, Walmart and Costco as contributing to their struggles.
