In 2024, nearly 1,000 Family Dollar locations will close, with 600 of them shutting down in the first half of the year. This is part of a growing trend where at least nine retail brands have announced they will be closing US stores in 2024, totaling around 1,280 locations. Family Dollar is the largest chain on this list, planning to close at least 600 stores this year.
Other companies such as Walmart and TJX are also closing a few stores while simultaneously opening many more. According to a Business Insider report, a total of 1,290 stores have already closed or are scheduled to close across the US in 2024. This number is a significant decrease from previous years, including last year when over 2,800 locations shut down. Analysts at UBS project that up to 45,000 US retail closures could occur over the next five years, primarily driven by smaller stores going out of business. However, larger firms like Walmart, Costco, Target, Home Depot and other established players are expected to continue expanding.
The Dollar Tree-owned Family Dollar chain tops the list of closures this year with plans to close at least 600 locations. Some companies such as Express and Foxtrot are facing financial difficulties while others like Walmart and TJX are focusing on opening new stores. Additionally, companies like Foot Locker and Macy’s are adjusting their strategies to adapt to changing shopping patterns.
In summary, a significant number of retail stores are closing or set to close in the US in 2024 due to various factors such as financial woes