The holiday season is usually a sales bonanza for retail stores, but not all are doing well—in fact, some are foundering. “There is not enough growth in the retail market for every player to do well, which is why we are seeing polarized results,” Neil Saunders, an analyst with GlobalData, told CBS MoneyWatch about the huge amount of store closures in 2024. Some stores are closing every single one of their branches, while others are still hanging in there. Here are 11 popular retail chains closing stores this year.
RELATED: Macy’s Is Closing 65 More Stores.
Macy’s
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Macy’s is set to close down 65 stores by the end of the year, the chain says. “We now expect to close roughly 65 locations this year,” Macy’s CEO Tony Spring said in the company’s third quarter earnings report. “In line with our typical cadence, closures will occur post holiday.” Spring previously spoke about closing down 150 unproductive stores by 2026. “A Bold New Chapter serves as a strong call to action. It challenges the status quo to create a more modern Macy’s, Inc,” he said in a statement in February. “We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value.”
Family Dollar
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Family Dollar is planning on closing down 677 stores by the end of the year, locations unconfirmed. “They never had the right business model. They were never going to get there,” former top executive at Dollar GeneralDavid D’Arezzo tells CNN Business.
CVS Health
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CVS is closing down 586 stores, the chain confirmed to Good Housekeeping, and that includes pharmacies in Target. “[The closures are] based on our evaluation of changes in population, consumer buying patterns and future health needs to ensure we have the right pharmacy format in the right locations for patients,” Amy Thibault, spokesperson for CVS Pharmacy, tells CNN.
Big Lots
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Big Lots is shuttering 580 stores this year across 27 states, including Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Michigan, Missouri, Nebraska, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, Texas, Virginia, Washington, and Wisconsin. “We continue to evaluate store closings in light of lease renegotiations and other considerations, and remain committed to keeping our customers informed as we move forward,” a spokesperson for Big Lots said. “For up-to-date information regarding a particular Big Lots store, customers should refer to our store locator at www.biglots.com.”
Conn’s
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Conn’s is shutting down 553 stores. Locations will close down across the 15 states the chain has stores in, including 70 stores in Texas, 20 in Florida, 12 in North Carolina and 11 in Louisiana.
Rue21
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Rue 21 is closing down 543 stores in North Carolina, Florida, Connecticut, Utah, Arizona, and Tennessee. The company says it has “recently suffered operational losses stemming from, among other things, underperforming retail locations, the continued growth of online shopping and industry competition, inflation and macroeconomic headwinds, and difficulties raising capital in an amount sufficient to meet their liquidity needs and fund operations.”
7-Eleven
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7-Eleven is closing down 492 stores. “The locations being closed have likely suffered from a disproportionate decline in foot traffic and customers as consumers battle with rising food prices and cut back on the amount they buy,” Neil Saunders, a retail industry analyst and managing director with GlobalData Retail, tells CNN. “In some areas, increased competition from online and value stores will also have taken their toll as consumers seek out lower prices.”
Rite Aid
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Rite Aid is closing down 408 stores this year in California, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, and Virginia. “Between the pressure on the front of the store plus the pressure on the pharmacy, it’s just getting harder and harder for these guys to operate,” Brian Tanquilut, an industry analyst at Jefferies, tells theLos Angeles Times.
RELATED: Salt Life Is Closing All Retail Stores.
99 Cents Only Stores
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99 Cents Only Stores is closing down 371 stores this year in California, Texas, Arizona and Nevada. “This was an extremely difficult decision and is not the outcome we expected or hoped to achieve,” says interim CEOMike Simoncic. “Unfortunately, the last several years have presented significant and lasting challenges in the retail environment.”
American Freight
American Freight
American Freight is closing down 353 stores this year nationwide—every single one. “Our goal is to deliver outstanding value to customers during this full chain closing sale,” Hilco Consumer-Retail CEO Ian Fredericks says. “Everything is on sale and must be sold.”
Walgreens
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Walgreens will shutter 259 stores in 2024, but hasn’t confirmed where. “[The closures are emblematic of a company that is in trouble and is trying to course correct,” Saunders tells CNN. “Walgreens spent years building its business through acquisitions and neglected the fundamentals of its stores and its retail operations. That has pushed a lot of outlets into a position where they are losing sales and are not generating a return.”