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Store closures reach highest level since 2020

More than 7,300 U.S. stores closed in 2024—a 57% increase from 2023—driven by rising e-commerce, inflation, and fierce competition from retail giants.

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.

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