by Charlotte Hazard
Major retailers have experienced a wave of store closures in 2023, an 80 percent surge from the year prior, Coresight Research reports.
The top reasons include bankruptcy of one major chain and some stores just not performing well in certain areas. The continued growth of online shopping is another factor, and other retailers said that theft is a major reason for their decision to close some stores, according to CBS News.
When Bed Bath & Beyond filed for bankruptcy in April, it led to the closure of 866 stores, a Coresight report finds. The second largest number of closed stores was from Tuesday Morning, with 463 closures. U.S. retailers closed down more than 4,600 stores altogether in 2023.
Coresight’s survey shows that big retailers such as CVS Health had to close down 300 stores, 7-Eleven had to close down 184 stores, Family Dollar had to close down 102 and Walgreens Boots Alliance shut down 172.
For 2024, U.S. retailers have so far announced 580 store closures, with some including CVS Health and Walgreens.
However, retailers also opened almost 5,500 stores in the U.S. in 2023, for an overall net increase of about 900 stores, the report finds. In some cases, retailers moved into areas that were vacated by other businesses.
“Some of our best stores were created from carved-up Kmart or Sears locations,” Burlington Stores CEO Michael O’Sullivan told CBS News.
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Charlotte Hazard is a reporter at Just the News.
Photo “Bed Bath and Beyond Store Closing” by Phillip Pessar CC2.0.
