During the holiday season, retail stores usually experience a sales boom, but not all are thriving. Neil Saunders, an analyst with GlobalData, explained to CBS MoneyWatch that there is not enough growth in the retail market for every player to do well, leading to polarized results and a significant number of store closures in 2024. While some stores are shutting down all their branches, others are managing to stay afloat. Here are 11 popular retail chains that are closing stores this year.
Macy’s is set to close 65 stores by the end of the year, as CEO Tony Spring announced in the company’s third-quarter earnings report. The chain had previously mentioned plans to shut down 150 unproductive stores by 2026.
Family Dollar is planning to close 677 stores by the end of the year, with locations yet to be confirmed. Former Dollar General executive David D’Arezzo criticized the chain’s business model, stating they were never going to succeed.
CVS Health is shutting down 586 stores, including pharmacies in Target locations, in response to changes in population, consumer buying patterns, and future health needs.
Big Lots is closing 580 stores across 27 states this year, citing lease renegotiations and other considerations as factors in the decision.
Conn’s is closing down 553 stores across the 15 states where they operate, including a significant number in Texas, Florida, North Carolina, and Louisiana.
Rue 21 is shutting down 543 stores in several states due to operational losses, online shopping growth, industry competition, inflation, and difficulties in raising sufficient capital.
7-Eleven is closing 492 stores, with declining foot traffic and consumer spending cited as reasons for the closures.