The year 2024 has seen a significant increase in store closures across the United States, with over 7,300 stores shutting their doors, according to CoreSite Research.
This marks a 57% rise from the previous year and the highest annual number since the pandemic’s peak in 2020.
Among the closures, 718 Family Dollar stores, over 1,000 Walgreens and CVS pharmacies, and nearly 600 Big Lots locations have been affected. Additionally, Party City has completely shuttered its operations, and The Container Store has filed for bankruptcy.
These closures are attributed to the highest inflation rates in nearly 40 years, which have strained major retailers. They also face stiff competition from larger, better-positioned rivals like Amazon, Walmart and Costco.
