America’s retail and dining sectors are experiencing significant challenges as numerous stores face closures or downsizing. According to CRE Daily, store closures in the U.S. have surpassed openings in 2024, a trend not observed in the previous two years. In 2023, over 4,000 stores announced plans to close, doubling the closures from the prior year, based on analysis from Daily on Retail and the National Retail Federation.
In the retail landscape, Walgreens is intensifying store closures following its Chapter 11 bankruptcy filing, potentially affecting around 500 locations. CVS is undergoing significant changes with the recent dismissal of its CEO and plans to cut 2,900 jobs and 900 stores by the end of 2024.
7-Eleven is facing competitive pressures and intends to shut down hundreds of underperforming stores. Big Lots, following a Chapter 11 bankruptcy filing, also aims to close about 500 stores.
In the restaurant industry, Red Lobster has entered bankruptcy proceedings due to issues like the endless shrimp deal, and its new CEO is exploring strategies for brand sustainability. TGI Friday’s has been closing locations in the U.S. and the U.K.
LL Flooring, formerly Lumber Liquidators, is ending operations, and Conn’s, a furniture and home goods retailer, is closing 70 stores across 13 states. Macy’s is reducing its size with plans to cut 150 stores as it struggles to find a buyer. Bob’s Stores is winding down operations, closing nearly two dozen locations.
Stop & Shop, once a leading grocery chain in the Northeast, is set to close 32 stores by early November. Joann’s, a long-standing seller of fabrics and crafts, is seeking Chapter 11 bankruptcy protection as its future remains uncertain.
These developments highlight a challenging period for U.S. retailers and restaurants as they navigate economic headwinds and evolving consumer preferences.
