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NEW YORK — Store closures in the United States surged in 2024, with over 7,300 locations shutting down—a 57% increase compared to 2023, according to Coresight Research. This marks the highest number of closures since 2020 when the COVID-19 pandemic wreaked havoc on the retail industry.
The closures spanned the country as consumers increasingly shifted to online shopping. "The spike in brick-and-mortar store closures this year is largely due to the rise in e-commerce and growing consumer dissatisfaction with retailers that fail to meet expectations in customer service and pricing," said Deborah Weinswig, CEO of Coresight Research.
Major retailers impacted in 2024 included:
- Family Dollar: Closed 718 stores
- Walgreens and CVS: Over 1,000 pharmacy closures combined
- Big Lots: Shuttered 600 locations
- Party City: Closed all 700 stores
Retailers cited persistent high inflation as a key challenge to their operations, alongside heightened competition from giants like Amazon, Walmart, and Costco, further strained their ability to stay afloat.
