What stores are closing locations in 2024?

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What stores are closing in 2024?

Several major retailers are closing stores this year across the United States as companies look to streamline their operations and cut costs.

A number of factors have been blamed for storefront closures, including more intense competition from online rivals, more people staying home to work, difficulty hiring employees, and even crime and public safety issues.

Some companies plan to close existing stores while simultaneously opening new locations using a new format.

Here are a number of retailers who have closed stores, or are planning to close stores, in 2024:

Dollar Tree & Family Dollar

FILE - A sign is posted in front of a Dollar Tree and Family Dollar store on March 13, 2024, in Rio Vista, California. (Photo by Justin Sullivan/Getty Images)

Dollar Tree, which owns Family Dollar, announced that it will shutter 600 of its Family Dollar stores in the first half 2024.

An additional 370 stores will close once their leases expire, the company said in its fourth-quarter earnings report.

Another 30 Dollar Tree locations will also close as their leases expire.

Foot Locker

Last year, Foot Locker announced that it planned to close more than 400 low-performing stores in shopping malls through 2026. Meanwhile, the company said it would shift to focus on better-performing locations and new concept stores outside of malls targeting niche consumers such as sneakerheads, children and higher-income shoppers.

As of 2023, there were about 1,300 Foot Locker stores in malls in North America. Foot Locker said it anticipated closing 25% of its locations in A- and B-rated malls and 50% of its stores in C- and D- rated malls. Mall ratings reflect sales per square foot.

Macy's

In February, Macy’s announced plans to close approximately 150 "underproductive" U.S. stores through 2026, including 50 locations this year.

At least one of these closures is Macy’s flagship store in San Francisco's Union Square.

The department store chain said it aims to upgrade its remaining 350 stores, with plans to add more salespeople to fitting areas and shoe departments, while adding more visual displays like mannequins.

Meanwhile, Macy’s is also betting on its luxury brands by opening up 15 of its higher end Bloomingdale’s stores and 30 of its luxury Bluemercury cosmetics locations through 2026.

Walmart

Six Walmart stores have closed so far in 2024, according to reports – including a pair of stores in California and one in Maryland.

One Walmart location closed in Ohio and another pair of stores closed in San Diego that the company said did not meet financial performance expectations.

"We are grateful to the customers who have given us the privilege of serving them at our San Diego and El Cajon stores," Walmart spokesperson Brian Little said in a statement to FOX 5 San Diego in January. "We look forward to continuing to serve them at any of our many locations across the area, on Walmart.com, and through delivery to their home or business."

Meanwhile, Walmart is also planning to build or convert more than 150 stores over the next five years.

This story was reported from Cincinnati.