The U.S. retail landscape took a beating in 2024, with thousands of stores shutting their doors and leaving shopping centers eerily quiet. A new report from Coresight Research reveals that more than 7,300 stores closed last year—a staggering 5 percent jump from 2023. It’s the worst wave of closures since the dark days of the pandemic. Business bankruptcy filings skyrocketed too—up 33.5 percent in 2024 from 17,051 to 22,762.
Major closures that happened in the U.S. last year
Family Dollar leads the pack, shuttering 718 locations. Not far behind were Walgreens and CVS, which collectively shut down 1,000 stores in 2024.
Party City deflated with 700 of its stores closing before announcing it would shut down all stores and go out of business. Big Lots also had a dismal showing, pulling the plug on 600 locations.
Even 7-Eleven, the convenience store titan, wasn’t spared. The chain closed 444 stores around the U.S.
High-ticket retailers felt the pinch as well. Macy’s is set to close 65 more stores this January, in addition to the 50 closures announced last year. By the end of their downsizing, 150 underperforming locations will have shuttered.
Red Lobster declared bankruptcy in May, and more than 100 locations have already been closed.
Fast casual food chains got hit as well, with Pizza Hut, TGI Friday's and Denny's closing dozens of locations.