Major Retailers Set to Close Numerous US Locations in 2024

Major Retailers to Shut Down Numerous US Stores in 2024

Several leading retail chains in the US are planning significant store closures in 2024 due to shifting consumer behaviors, increased online shopping, and economic challenges. Companies aim to optimize their operations by reducing brick-and-mortar presence and focusing on digital growth. This trend impacts various sectors, from footwear to hospitality, reflecting an evolving retail landscape.

Foot Locker
The renowned sneaker retailer intends to close approximately 400 outlets over the next two years, mainly targeting underperforming mall stores. The brand is shifting focus toward rebranding and establishing new concept locations outside traditional shopping centers to better reach niche customers like sneaker enthusiasts.

The coffee giant Starbucks plans to shut around 100 stores, following a prior closure of 500 outlets during 2020-2021. Macy's announced closures of several stores across multiple states after years of restructuring, planning to shut down 150 locations over the next three years. Dollar Tree, owner of Family Dollar, will close approximately 1,000 stores due to financial losses, with 600 closures set for early 2024. Apparel retailer Gap also revealed plans to close around 350 outlets across North America to adapt to online shopping trends. Other brands, such as Fossil, Applebee’s, Burger King, Bath & Body Works, Goodwill, Foxtrot, Rue21, and The Body Shop, are also restructuring by reducing store numbers or ceasing operations entirely, aiming to bolster their digital presence and optimize their networks.

These strategic closures highlight the ongoing transformation within the retail industry, emphasizing online expansion and operational efficiency.