2024 has not been a good year for businesses in the United States, as the number of store closings in the country has increased over the past 12 months, especially branches of Family Dollar, CVS, and Big Lots.
Why are stores closings in the United States?
In 2024, many companies have struggled to attract shoppers, whose finances have been impacted by years of high inflation, and are failing to compete with the rise of online shopping options.
However, some chains are facing challenges that go beyond the economic situation. It is possible that their offerings are not attractive enough, their products do not meet consumer preferences, or they have not properly addressed competitive threats.
ALSO READ Nordstrom could be part of Liverpool; this is what we know
How many stores have closed in the United States in 2024?
So far in 2024, 7,308 store closings have been confirmed or planned across the United States, representing an increase of almost 3,000 compared to what was recorded in 2023.
Which stores have closed in the United States?
As of 2024, Family Dollar, CVS, and Big Lots have led in the number of closures. Family Dollar has closed 718 stores so far. CVS has closed or is in the process of closing 586 of its branches, while Big Lots plans to close 580 stores before the end of the year.
At the beginning of 2024, Dollar Tree, the parent company of Family Dollar, announced its plan to close 600 underperforming stores between March and June. Additionally, another 370 Family Dollar stores and 30 Dollar Tree locations will close when each store’s lease expires.
Big Lots has also undergone significant restructuring due to bankruptcy. According to the company, high inflation and interest rates were key factors in their bankruptcy filing. The company also mentioned that consumers have reduced spending on home and seasonal products, which represent a significant portion of Big Lots’ sales.
However, despite the closures, some brands have experienced growth in 2024. For example, Dollar General is in the process of opening 754 new stores this year, Dollar Tree will open 541, and 7-Eleven plans to open 295 locations.
These chains had the most closures in 2024:
- Family Dollar (718)
- CVS (586)
- Big Lots (580)
- Conn’s (553)
- Rue21 (543)
- 7-Eleven (492)
- Rite Aid (408)
- 99 Cents Only Stores (371)
- American Freight (353)
- Walgreens (259)
Stores closed by Family Dollar
- Slocomb, Alabama
- Tallahassee, Florida
- Peoria, Illinois
- Wichita, Kansas
- Canton
- Clinton
- Collins
- Colon
- De Kalb
- Durant
- Eupora
- Flora
- Jackson
- Monticello
- Natchez
- Perla
- Philadelphia
- Quitman
- Raymond
- Humansville, Missouri
- Willow Springs, Missouri
- Gering, Nebraska
- Middletown, New Jersey
- Wilmington, North Carolina
- East Liverpool, Ohio
- West Dayton, Ohio
- Clearwater, South Carolina
- Lynchburg, Virginia
- Elkins, West Virginia
Pharmacies closed by CVS
The exact locations of the pharmacies CVS will close have not been specified yet. However, the company has stated that before the end of 2024, it will close pharmacies located within Amazon, Walmart, and Dollar General.
Stores closed by Big Lots in 2024
After filing for Chapter 11 bankruptcy reorganization due to continued losses, Big Lots decided to close over 400 stores this year.
The stores that will close before the end of 2024 are located in:
- Alabama
- Arkansas
- Arizona
- California
- Colorado
- Connecticut
- Florida
- Georgia
- Illinois
- Indiana
- Iowa
- Kansas
- Louisiana
- Maryland
- Michigan
- Missouri
- Nebraska
- New Mexico
- North Carolina
- Ohio
- Oklahoma
- Pennsylvania
- Tennessee
- Texas
- Virginia
- Washington
- Wisconsin
