13 Major Retailers That Are Closing Store Locations In 2024

Money + Investing

13 Major Retailers That Are Closing Store Locations In 2024

Money + Investing

Posted: April 27, 2024 | Last updated: April 27, 2024

<p>The retail industry is continuing to witness a significant transformation, with several major chains announcing the closure of brick-and-mortar store locations across the country. This trend reflects a shifting consumer landscape, where online shopping continues to rise in popularity, leading to reduced foot traffic in physical stores. Other actors such as increased operational costs, safety concerns, and a notable rise in theft have further compelled retailers to reassess their physical presence. As companies strive to adapt to these evolving challenges, the closures signal a broader industry shift towards digital platforms and more secure, cost-effective operational models.</p><p>Here are 13 major retail chains that have announced store location closures.</p>

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13 Major Retailers That Are Closing Store Locations In 2024

The retail industry is continuing to witness a significant transformation, with several major chains announcing the closure of brick-and-mortar store locations across the country. This trend reflects a shifting consumer landscape, where online shopping continues to rise in popularity, leading to reduced foot traffic in physical stores. Other actors such as increased operational costs, safety concerns, and a notable rise in theft have further compelled retailers to reassess their physical presence. As companies strive to adapt to these evolving challenges, the closures signal a broader industry shift towards digital platforms and more secure, cost-effective operational models.

Here are 13 major retail chains that have announced store location closures.

<p>Dollar Tree, the conglomerate behind Family Dollar and its own namesake stores, announced plans in March to shutter around 1,000 outlets across the United States. The closure plan includes shutting down 600 Family Dollar stores by mid-2024 and an additional 370 in subsequent years, alongside 30 Dollar Tree stores beginning with some in Illinois. Revenue inconsistencies, attributed to inflation, were cited as the primary cause for these closures. States like Florida, South Carolina, Kansas, and New Jersey are also seeing store closures as part of this plan.</p>

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Dollar Tree & Family Dollar

Dollar Tree, the conglomerate behind Family Dollar and its own namesake stores, announced plans in March to shutter around 1,000 outlets across the United States. The closure plan includes shutting down 600 Family Dollar stores by mid-2024 and an additional 370 in subsequent years, alongside 30 Dollar Tree stores beginning with some in Illinois. Revenue inconsistencies, attributed to inflation, were cited as the primary cause for these closures. States like Florida, South Carolina, Kansas, and New Jersey are also seeing store closures as part of this plan.

<p>It was reported in March that the retail giant was planning to shutter three locations in the coming months, with underwhelming economic performance as part of the reason. This move includes the closure of two stores in California, located in West Covina and Granite Bay, and one in Towson, Maryland, which is scheduled to close in April. These closures will double the total to six Walmart store shutdowns for 2024, following the closure of 24 stores in 2023, all due to reported poor performance.</p>

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Walmart

It was reported in March that the retail giant was planning to shutter three locations in the coming months, with underwhelming economic performance as part of the reason. This move includes the closure of two stores in California, located in West Covina and Granite Bay, and one in Towson, Maryland, which is scheduled to close in April. These closures will double the total to six Walmart store shutdowns for 2024, following the closure of 24 stores in 2023, all due to reported poor performance.

<p>The iconic bookseller retail chain has a few reported store locations set to close in 2024. Two locations have already shuttered their doors, a location in Naperville, Illinois, which closed in January after 25 years, as well as a location in Georgia that closed in late March. Two stores in California are on the closure list for later this year, with the Merced store slated to shut in May and the Antioch store expected to close in the fall. Most notable was the closure of their Tribeca location in New York City, which had been a fixture for 16 years but was forced to close due to the redevelopment of its building. Barnes & Noble closed 34 locations nationwide in 2023.</p>

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Barnes & Noble

The iconic bookseller retail chain has a few reported store locations set to close in 2024. Two locations have already shuttered their doors, a location in Naperville, Illinois, which closed in January after 25 years, as well as a location in Georgia that closed in late March. Two stores in California are on the closure list for later this year, with the Merced store slated to shut in May and the Antioch store expected to close in the fall. Most notable was the closure of their Tribeca location in New York City, which had been a fixture for 16 years but was forced to close due to the redevelopment of its building. Barnes & Noble closed 34 locations nationwide in 2023.

<p>The renowned outdoor retail cooperative, known for its extensive selection of gear, apparel, and equipment for outdoor enthusiasts, has experienced a rare series of store closures. In February, the outlet in Santa Monica, California, which had been serving customers since 2006, close its doors. REI also closed their iconic location in downtown Portland’s Pearl district closed after nearly two decades, with the company pointing to frequent break-ins, thefts, and the imperative of ensuring the safety of its employees and customers as driving factors for these closures. Despite these closures, the company remains on a path of expansion, with plans to open 10 new store locations in 2024.</p>

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REI

The renowned outdoor retail cooperative, known for its extensive selection of gear, apparel, and equipment for outdoor enthusiasts, has experienced a rare series of store closures. In February, the outlet in Santa Monica, California, which had been serving customers since 2006, close its doors. REI also closed their iconic location in downtown Portland’s Pearl district closed after nearly two decades, with the company pointing to frequent break-ins, thefts, and the imperative of ensuring the safety of its employees and customers as driving factors for these closures. Despite these closures, the company remains on a path of expansion, with plans to open 10 new store locations in 2024.

<p>In 2020, the San Francisco-based retailer, long established as a mainstay in shopping malls across America, announced its intention to shutter 350 stores in its portfolio of brands, along with Banana Republic, by early 2024. This move is a component of a strategic three-year plan aimed at cultivating a “healthier fleet of stores.” During 2023, the company made progress towards this goal by strategically closing 30 locations. So far in 2024, a single location in the Pittsburgh area ceased operations in March 2024, concluding its 35-year tenure.</p>

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Gap

In 2020, the San Francisco-based retailer, long established as a mainstay in shopping malls across America, announced its intention to shutter 350 stores in its portfolio of brands, along with Banana Republic, by early 2024. This move is a component of a strategic three-year plan aimed at cultivating a “healthier fleet of stores.” During 2023, the company made progress towards this goal by strategically closing 30 locations. So far in 2024, a single location in the Pittsburgh area ceased operations in March 2024, concluding its 35-year tenure.

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Banana Republic

As part of Gap Inc.’s strategic plan announced in 2020, Banana Republic, a brand under the Gap Inc. umbrella, was slated to close select stores by early 2024 to optimize its store portfolio. Since this announcement, approximately 130 Banana Republic stores have closed across the United States, along with a number of locations in Canada. The most recent Banana Republic location to close was in Columbus, Ohio, which shut its doors in January after serving customers for 25 years. While the company has made significant progress in streamlining its operations, it remains unclear whether additional Banana Republic locations will close in 2024.

<p>Earlier this year, the popular electronic retailer announced during an earnings call its plans to close 10 to 15 stores in 2024 as part of a strategic plan. Since the announcement, 10 stores have shuttered across various states, including New York, Minnesota, Utah, Illinois, Ohio, Colorado, Florida, Virginia, Missouri, and New Jersey. These closures are aimed at enhancing the customer experience and testing new store layouts, indicating a shift in the retailer’s approach to its physical presence. This move follows the closure of 24 locations in 2023, marking the beginning of the company’s efforts to scale back on its traditional brick-and-mortar locations.</p>

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Best Buy

Earlier this year, the popular electronic retailer announced during an earnings call its plans to close 10 to 15 stores in 2024 as part of a strategic plan. Since the announcement, 10 stores have shuttered across various states, including New York, Minnesota, Utah, Illinois, Ohio, Colorado, Florida, Virginia, Missouri, and New Jersey. These closures are aimed at enhancing the customer experience and testing new store layouts, indicating a shift in the retailer’s approach to its physical presence. This move follows the closure of 24 locations in 2023, marking the beginning of the company’s efforts to scale back on its traditional brick-and-mortar locations.

<p>In November 2021, the well-known pharmacy and retail chain announced a strategic plan to close more than 900 retail stores by 2024, signaling a major shift in its business model towards a stronger emphasis on healthcare services. As of early 2024, the chain has made progress towards this goal, but about 300 stores are still on the list for closure, with the company aiming to complete these shutdowns by April. This is an addition to the announcement in January that CVS plans to close dozens of their pharmacies that are located inside of Target stores.</p>

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CVS

In November 2021, the well-known pharmacy and retail chain announced a strategic plan to close more than 900 retail stores by 2024, signaling a major shift in its business model towards a stronger emphasis on healthcare services. As of early 2024, the chain has made progress towards this goal, but about 300 stores are still on the list for closure, with the company aiming to complete these shutdowns by April. This is an addition to the announcement in January that CVS plans to close dozens of their pharmacies that are located inside of Target stores.

<p>Following its bankruptcy filing last October, Rite Aid has announced several waves of store closures. The first announcement included 154 locations, followed by an additional 77 nationwide closures in late February, with 20 of those in California, and a subsequent announcement earlier this week detailing 30 more closures. The closures span multiple states, including Washington, Virginia, Pennsylvania, Oregon, Ohio, New York, New Jersey, New Hampshire, Michigan, Massachusetts, Maryland, Idaho, Delaware, Connecticut, and California.</p>

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Rite Aid Pharmacy

Following its bankruptcy filing last October, Rite Aid has announced several waves of store closures. The first announcement included 154 locations, followed by an additional 77 nationwide closures in late February, with 20 of those in California, and a subsequent announcement earlier this week detailing 30 more closures. The closures span multiple states, including Washington, Virginia, Pennsylvania, Oregon, Ohio, New York, New Jersey, New Hampshire, Michigan, Massachusetts, Maryland, Idaho, Delaware, Connecticut, and California.

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Macy’s

Macy’s, the storied department store chain that has been a fixture in the retail landscape since 1858, announced its decision to shutter 150 of its underperforming stores across the country by 2025. This move is part of a broader strategic realignment. While specific stores slated for closure have not been announced, the company plans to shift focus towards optimizing the performance of the remaining 350 locations. In January of this year, it was reported Macy’s planned to close just five stores, which follows the closure of four stores in 2023.

$<p>In June of 2023, it was reported that the popular pharmacy chain was planning to cease operations at approximately 150 of its stores across the United States as well as cut 500 jobs in the process. These closures are anticipated to be finalized by Fall 2024, aligning with the company’s restructuring efforts. So far in 2024, there’s been a noticeable uptick in the number of stores closing their doors, affecting various states including Georgia, Washington, Wisconsin, Iowa, and Missouri. Despite the planned shutdown of 150 stores, this figure represents a minimal fraction of the Walgreens’s locations, which encompasses nearly 9,000 locations.</p>$

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Walgreens

In June of 2023, it was reported that the popular pharmacy chain was planning to cease operations at approximately 150 of its stores across the United States as well as cut 500 jobs in the process. These closures are anticipated to be finalized by Fall 2024, aligning with the company’s restructuring efforts. So far in 2024, there’s been a noticeable uptick in the number of stores closing their doors, affecting various states including Georgia, Washington, Wisconsin, Iowa, and Missouri. Despite the planned shutdown of 150 stores, this figure represents a minimal fraction of the Walgreens’s locations, which encompasses nearly 9,000 locations.

<p>In May of last year, the retail chain celebrated for its extensive selection of party supplies, decorations, and costumes, declared Chapter 11 bankruptcy. Throughout 2023, this led to the closure of 35 stores across 16 states, with significant numbers including 7 in New York, and 4 each in California and Michigan, along with 3 in Texas. Recently, it was reported that a store in the San Diego area is set to close on April 27th. Despite these closures, the chain remains a robust entity with over 850 stores nationwide, continuing to serve as a go-to destination for all party planning essentials.</p>

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Party City

In May of last year, the retail chain celebrated for its extensive selection of party supplies, decorations, and costumes, declared Chapter 11 bankruptcy. Throughout 2023, this led to the closure of 35 stores across 16 states, with significant numbers including 7 in New York, and 4 each in California and Michigan, along with 3 in Texas. Recently, it was reported that a store in the San Diego area is set to close on April 27th. Despite these closures, the chain remains a robust entity with over 850 stores nationwide, continuing to serve as a go-to destination for all party planning essentials.

<p>While not a retail chain, this popular fast-casual pizza chain with 500 locations nationwide, unexpectedly closed 27 of its restaurants, including 5 in California, on March 22, 2024. The company did not provide any explanations for these sudden shutdowns and the accompanying layoffs. The abrupt closures have left many questioning the reasons behind such a decision.</p>

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Mod Pizza

While not a retail chain, this popular fast-casual pizza chain with 500 locations nationwide, unexpectedly closed 27 of its restaurants, including 5 in California, on March 22, 2024. The company did not provide any explanations for these sudden shutdowns and the accompanying layoffs. The abrupt closures have left many questioning the reasons behind such a decision.

<p>The recent announcements of store closures by major retail chains in 2024 marks a pivotal moment in the retail sector’s ongoing evolution. Retailers are increasingly focusing on digital innovation and enhancing online consumer experiences as they navigate the complexities of the current economic landscape. This shift not only highlights the resilience and adaptability of the retail industry but also sets the stage for a future where retail is more personalized, efficient, and secure.</p><p> <h3><strong>What To Read Next</strong></h3> <ul> <li><strong><a href="https://financiallyplus.com/this-genius-trick-every-online-shopper-should-know/?utm_source=msnfpsm&utm_campaign=msnfpsm">This Genius Trick Every Online Shopper Should Know</a></strong></li> <li><strong><a href="https://financiallyplus.com/best-high-yield-savings-accounts-this-month/?utm_source=msn&utm_channel=8974355049">Best High-Yield Savings Accounts This Month</a></strong></li> <li><strong><a href="https://financiallyplus.com/best-gold-ira-this-year/?utm_source=msn&utm_channel=8974355049">Best Gold IRA This Year</a></strong></li> <li><strong><a href="https://financiallyplus.com/deals-on-popular-cruises/?utm_source=msn&utm_channel=8974355049">Deals On Popular Cruises</a></strong></li> <li><strong><a href="https://financiallyplus.com/the-best-internet-deals-older-americans-need-to-take-advantage-of-this-year/?utm_source=msn&utm_channel=8974355049">The Best Internet Deals For Seniors</a></strong></li> <li><strong><a href="https://financiallyplus.com/affordable-life-insurance-options-for-seniors/?utm_source=msn&utm_channel=8974355049">Affordable Life Insurance Options for Seniors</a></strong></li> </ul> </p><p><a href="https://moneyplusinvesting.com/?utm_source=msnstart">For the Latest Financial News, Headlines & Videos, head to Money + Investing</a></p>

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Conclusion

The recent announcements of store closures by major retail chains in 2024 marks a pivotal moment in the retail sector’s ongoing evolution. Retailers are increasingly focusing on digital innovation and enhancing online consumer experiences as they navigate the complexities of the current economic landscape. This shift not only highlights the resilience and adaptability of the retail industry but also sets the stage for a future where retail is more personalized, efficient, and secure.