The Changing Face of American Business

In the first quarter of 2024 a record 2,600 stores closed in the U.S. Some of those were big box stores like Walmart and Macy’s, and staples like 7-Eleven and Walgreens. Discount stores haven’t fared much better with companies like Family Dollar and Dollar Tree closing stores in bunches as did pharmacies CVS and RiteAid.

If you take the first quarter statistics and push them to December 31st things look really bleak. We are likely see the closure of 7,800 stores in 2024.

If this holds true, that’s a 40% rise over 2023.

On the other side of the coin, in the first quarter of 2024 store openings totaled 3,560. That’s down from the 3,824 planned. Looking at percentages, closures are 2.5% higher than a year ago in the first quarter.

Store openings are down 9.5%.

Here are some numbers for stores planning on being closed by year’s end:

Dollar Tree and Family Dollar — 620

99 Cents Only Store — 371

CVS — 315

7-Eleven — 272

Rite Aid — 165

Express — 105

Walgreens — 77

Macy's — 51

The Body Shop — 51

Soft Surroundings — 43

Sleep Number — 40

Burlington Stores — 39

The main reason for the huge number of closures — the experts say — competition online.

Source link: MSN — https://bit.ly/4i3jgcj

Source link: Daily Mail — https://bit.ly/4idSo9F