OAN Staff James Myers
11:57am – Friday, December 27, 2024
Store closures will increase by 69% this year and will increase significantly in 2024 as CVS, Big Lots, and other companies close multiple stores across the United States.
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There are 7,308 confirmed or planned store closures in the U.S. so far in 2024, an increase of nearly 3,000 stores from a year ago in 2023, according to data from multiple sources. That's an astonishing number. Meanwhile, 5,818 stores were opened. From the beginning of 2024.
Family Dollar stores reportedly closed the most stores, with 718 confirmed store closures.
CVS has closed or is “closing” 586 stores.
Big Lots is said to be closing 580 stores this year. core site Reported.
In early 2024, Family Dollar's parent company Dollar Tree announced plans to close 600 unprofitable Family Dollar stores between March and June. Additionally, the company announced in March that 370 Family Dollar stores and 30 Dollar Tree stores would close at the end of each store's current lease.
“We're not seeing enough growth in the retail market for all players to do well, which is why the results are so polarized,” said analyst Neil Saunders. global datasaid CBS Money Watch Regarding the rapid increase in store closures this year.
Additionally, the chains with the highest number of closures reported this year are: core site:
1) Family Dollar (718)
2) CVS (586)
3) Big lot (580)
4) Cons (553)
5) rue21 (543)
6) 7-Eleven (492)
7) Ritual Aid (408)
8) 99 Cents Limited Store (371)
9) American Freight (353)
10) Walgreens (259)
Most companies agreed that “high inflation'' and “high interest rates'' were the main causes of their business difficulties.
They also note that consumers are spending less on household goods and seasonal items, with many Americans choosing to spend their money on Amazon instead due to “lower prices and less driving.” claimed to have done so.
But despite the onslaught of store closings in 2024, some of these stores are now also planning to expand in the wake of Donald Trump's presidential election victory. A Dollar General spokesperson said the company is opening 754 new stores this year, including 541 Dollar Tree stores and 295 7-Eleven stores.
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