The US retail market took a beating in 2024, with year-end figures showing an alarming spike in store closures across the country.
According to a recent analysis by Coresight Research, more than 7,300 stores closed in 2024, representing a 57 percent increase compared to 2023 store closures, according to Fox 25.
The spike in closures was the highest since 2020, but that year was especially tough of business owners due to the coronavirus pandemic and lockdowns.
Family Dollar was among the most affected of the retailers, Coresight Research said, with more than 718 stores closed. Walgreens and CVS saw a combined 1,000 stores close during 2024.
Party City was hit almost as hard as Family Dollar, with 700 store closures, and Big Lots fared only slightly better with 600 closures.
7-Eleven convenience stores struggled in 2024 as well. The company shuttered 444 stores, citing slower foot traffic as inflation-weary consumers tightened their pursue strings.
Larger retailers with higher ticket items weren’t exempt from the painful retail year in 2024. Macy’s said it will close 65 stores by the end of January 2025, on top of the 50 closures they announced in 2024.
In total, the department store plans to shut 150 underperforming sites.
LL Flooring — previously Lumber Liquidators — closed all 94 of its stores in the US and laid off at least 2,000 employees, according to Fast Company.
Business bankruptcy filings were also up this year by 33.5 percent, from 17,051 to 22,762, according to data from the federal government.
Red Lobster was a standout bankruptcy story in 2024. After the restaurant's 2023 Endless Shrimp fiasco reportedly cost it $11 million, the company declared bankruptcy in May of 2024. The chain was acquired by a new investor group and is moving forward with restructuring, but more than 100 locations have closed in the mean time.
Despite the closures, there are still 544 Red Lobsters operating in the US.
