{"id":2271953,"date":"2024-06-19T19:22:02","date_gmt":"2024-06-19T23:22:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/retailers-closing-nearly-3200-stores-up-from-last-year-survey\/"},"modified":"2024-06-19T19:25:55","modified_gmt":"2024-06-19T23:25:55","slug":"retailers-closing-nearly-3200-stores-up-from-last-year-survey","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/retailers-closing-nearly-3200-stores-up-from-last-year-survey\/","title":{"rendered":"Survey Shows Retailers to Shut Down Almost 3,200 Stores, an Increase from Previous Year"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fretailers-closing-nearly-3200-stores-up-from-last-year-survey%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2271953&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Retail chains\u2064 across the U.S. are experiencing a significant \u2063increase in\u200c store closures in 2024,\u2063 with nearly 3,200 brick-and-mortar \u2063locations shuttering, which marks \u2062a 24% increase from\u200c the previous year.\u2063 CoreSight \u200bResearch highlights that this uptick in closures\u2062 is accompanied by \u200ba \u2064slight decline in new\u2062 store openings. Factors contributing to these\u2063 closures include bankruptcies,\u2063 high \u2063inflation, \u2063and rampant shoplifting, with major \u2063retailers like RiteAid and Rue21 filing for bankruptcy and attributing their financial \u2062struggles to \u200cthese issues. Additionally, the ongoing shift towards <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ups-hiring-10000-seasonal-workers-in-southern-california-ahead-of-holiday-season\/\" title=\"UPS is recruiting 10,000 seasonal employees in Southern California for the upcoming holiday season.\">online shopping continues<\/a> to affect physical <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/minneapolis-cleaning-crews-battle-with-activists-over-reopening-george-floyd-square\/\" title=\"Minneapolis Cleaning Crews Battle With Activists Over Reopening George Floyd Square\">store traffic<\/a> negatively. Dollar Tree, for instance, plans to close over 600 Family Dollar stores, citing inflation and theft as primary \u200dreasons. This trend underscores the \u2064changing\u2062 dynamics in the retail industry \u2063and the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/theyre-lovin-it-mcdonalds-revenue-spikes-above-expectations-in-latest-figures\/\" title=\"McDonald's revenue exceeds expectations in latest figures, customers love it.\">shifting consumer behavior<\/a> towards e-commerce.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><a href=\"https:\/\/www.dailywire.com\/topic\/economy\" target=\"_blank\" rel=\"noopener\">Retail chains<\/a> are closing thousands of stores this year, nearly a quarter more than by this time last year, a new survey shows.<\/p>\n<p>Companies are announcing the closures of almost 3,200 brick-and-mortar stores so far in 2024, <a href=\"https:\/\/www.cbsnews.com\/news\/store-closures-surging-2024-family-dollar-rue21-cvs-rite-aid\/\" target=\"_blank\" rel=\"noopener\">according<\/a> to a recent analysis from CoreSight Research, which tracks store closures and openings.<\/p>\n<p>This is a 24% increase from a year ago, according to the report.<\/p>\n<p>Major retail chains have announced about 4% fewer store openings compared to this time last year as well.<\/p>\n<p>The stores cite multiple factors, including bankruptcies, inflation, and shoplifting, all of which lead to the prohibitive costs of keeping the stores open. Organized retail theft rings have become an urgent problem for both retail chains and small businesses in some areas.<\/p>\n<p>Another factor is customers opting to shop online at places like Amazon rather than in person, a trend that has driven down store traffic over the past two decades.<\/p>\n<p>RiteAid and Rue21, a clothing company, have both declared bankruptcy. Rue21 <a href=\"https:\/\/www.cnn.com\/2024\/05\/03\/business\/rue21-bankruptcy-stores-closing\/index.html\" target=\"_blank\" rel=\"noopener\">cited<\/a> inflation and is laying off all of its 4,900 employees. RiteAid will close 165 stores this year.<\/p>\n<p>About eight million square feet of closed retail space resulted from drug store and pharmacy closures in the U.S. this year, the CoreSight report <a href=\"https:\/\/nypost.com\/2024\/06\/18\/us-news\/more-companies-announce-bankruptcies-and-closures-citing-inflation-as-almost-3200-stores-face-shuttering-in-2024-poll\/\" target=\"_blank\" rel=\"noopener\">noted<\/a>.<\/p>\n<p>Dollar Tree cited inflation and shoplifting in announcing plans to close more than 600 Family Dollar locations, the largest number of any retailer so far this year.<\/p>\n<p><b><a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"sk-tooltip-9096\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/onelink.to\/dwapp&#038;source=gmail&#038;ust=1712932862202000&#038;usg=AOvVaw0plT8RRdMy9XUpIhocnjQS\">CLICK HERE TO GET THE DAILYWIRE+ APP<\/a><\/b><\/p>\n<p>Tupperware <a href=\"https:\/\/triblive.com\/business\/iconic-brand-shutting-down-its-only-u-s-factory-moving-production-to-mexico-report\/#:~:text=The%20iconic%20brand%2C%20Tupperware%2C%20is,people%20will%20be%20laid%20off.\" target=\"_blank\" rel=\"noopener\">announced<\/a> last week that it will close its only U.S. factory located in South Carolina, laying off all 148 workers starting in September.<\/p>\n<p>The container company will continue production at a Mexico plant.<\/p>\n<p>Other companies closing a large number of stores include 99 Cents Only Stores, which is closing 371 stores, CVS with 315 stores, 7-11 with 272 stores, Express with 105 stores, Walgreens\u2019 parent company with 77 stores, and Macy\u2019s with 51 stores.<\/p>\n<p>Stores closing under 50 stores include Sleep Number, Burlington, Foot Locker, Carter\u2019s, Abercrombie &#038; Fitch, Big Lots, Dollar General, H&#038;M, Best Buy, and Ross, among others.<\/p>\n<p>However, several of these chains are also expanding. Dollar General plans to add more than 800 locations this year, and 7-Eleven plans to open more than 270 new stores this year. Five Below also plans to open 227 new stores.<\/p>\n<p>The skyrocketing inflation of the last several years has caused prices for everyday necessities to spike, including food, gas, and housing, and Americans are feeling the pain in their wallets.<\/p>\n<p>Prices are up an eye-popping 20% since January, 2021, before inflation spiked.<\/p>\n<p>Inflation has fallen significantly after peaking at 9.1% in June, 2022, but as of last month it <a href=\"https:\/\/www.nerdwallet.com\/article\/investing\/inflation#:~:text=Rate%20is%203.3%25.-,Here's%20Why%20It%20Matters,help%20when%20making%20financial%20decisions.\" target=\"_blank\" rel=\"noopener\">remained<\/a> high at about 3.3%, much higher than the Federal Reserve\u2019s goal of 2%.<\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This year, retail chains are shutting down thousands of stores, marking a 24% increase from last year, with nearly 3,200 physical store closures reported so far in 2024, reveals a CoreSight Research analysis<\/p>\n","protected":false},"author":107,"featured_media":2271954,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/06\/GettyImages-171305235.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2271953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/06\/GettyImages-171305235.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2271953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/107"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2271953"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2271953\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2271954"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2271953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2271953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2271953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}