A total of 1,290 stores are closing or set to close across the US in 2024, with Family Dollar leading the way in closures. This number is a significant decrease from previous years, including last year when over 2,800 locations shut down. Analysts at UBS project that up to 45,000 US retail closures could occur over the next five years, primarily driven by smaller stores going out of business. However, larger firms like Walmart, Costco, Target, Home Depot and other established players are expected to continue expanding.
Family Dollar is the largest chain on this list, planning to close at least 600 stores this year. Some companies such as Express and Foxtrot are facing financial difficulties while others like Walmart and TJX are focusing on opening new stores. Additionally, companies like Foot Locker and Macy’s are adjusting their strategies to adapt to changing shopping patterns.
The closure of nearly 1,000 Family Dollar locations is part of a trend where at least nine retail brands have announced they will be closing US stores in 2024, totaling around 1,280 locations. This trend has been attributed to various factors such as financial woes and changing shopping habits. Despite this trend some companies are planning to expand and evolve in response to the changing market.
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