Retail Closures in 2024: Walgreens, CVS, Walmart, Big Lots, Rite Aid and more
Over 2,000 retail stores will be closing this year (2024) as the companies struggle with cutbacks in consumer spending. The largest announcement recently came from Walgreens – and that will reportedly close some 1,200 locations over three years – in order to save money. That represents nearly 10% of the chain’s stores nationwide. According to Business Insider, that number of retail store shutdowns has slowed from last year but is expected to top 45,000 in the next five years.
Some of the 2024 closures include:
Walgreens – 1,200 stores. The pharmacy chain announced that it’ll begin its first 500 closures over the next 12 months – after reporting the loss of $8.6 billion in the last fiscal year.
Family Dollar – 1,000 stores. The chain, which also owns the Dollar Tree, started its closures in the first half of this year; another 370 closures are expected in the next three years.
7-Eleven – 444 stores. The convenience stores cited “underperformance” for its closures – partly due to a reduction in SNAP benefits and flavored nicotine bans.
CVS – 300 stores. The pharmacy is in its final year, of a three-year plan to close 900 stores and terminate 2,900 corporate jobs.
Foot Locker – 113 stores. …and though the store is closing a total of 400 locations by 2026 to rebrand parts of its business, it has also opened – or relocated – dozens of others this year.
Rite Aid – 77 stores; the pharmacy filed for “bankruptcy” last year (2023) – with nine rounds of closures for a total of 800 shuttered locations.
Macy’s – 50 stores. The department store announced, this year – it would close 150 stores over the next three years.
Big Lots – 35 to 40 stores. The chain closed the same amount of locations last year as well.
Walmart – 7 stores. None of the closures are in Alabama, though two are in the Atlanta area.