With many Family Dollar, CVS, and Big Lots locations closing throughout the U.S. this year, the number of store closings was up significantly in 2024 compared to 2023.
Don't expect the trend of retailers to continue closing locations.
According to data released this week by Coresight Research, the number of stores closing in 2025 could double the number of closings in 2024.
According to data provided to Scripps News by Coresight, there were 7,325 confirmed store closings in the U.S. in 2024, which is up by nearly 3,000 from a year ago. In the meantime, there were 5,970 store openings in 2024.
Coresight Research said it expects store openings to remain stable in 2025, but closings could significantly jump.
“Inflation and a growing preference among consumers to shop online to find the cheapest deals took a toll on brick-and-mortar retailers in 2024,” said Coresight Research CEO Deborah Weinswig. “Last year we saw the highest number of closures since the pandemic. Retailers that were unable to adapt their supply chains and implement technology to cut costs were significantly impacted, and we continue to see a trend of consumers opting for the path of least resistance."
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In 2020, amid a global pandemic that forced many companies to alter operations, Coresight tracked 10,000 store closings. The coming year could be even more painful for retailers and their customers.
"Not only do (customers) want the best prices, but they also have no patience for stores that are constantly disorganized, out of stock, and that deliver poor customer service," Weinswig said. "We have seen Shein and Temu capture market share as consumers choose to shop online to save time, money, and avoid frustration. Retailers need to embrace technologies like artificial intelligence to deliver a better customer experience and to optimize pricing to remain relevant and avoid ongoing closures.”
Coresight says numerous store closings by Party City, Big Lots, Kohl’s, and Macy’s will inflate numbers. There were already 2,000 stores slated to close in 2025.
There were some brands that expanded their footprints in 2024, such as Dollar General and 7-Eleven.
Family Dollar, CVS, and Big Lots had the most closures in 2024, according to Coresight.
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