Family Dollar plans to close at least 600 locations in 2024, and eight other retail chains are shutting down stores for a variety of reasons.
Nearly 1,000 Family Dollar locations are set to close in the coming years, starting with 600 in the first half of 2024.
Reuters
At least ten retail brands have said they're closing US stores in 2024, totaling up to 1,330 locations.
Family Dollar is the largest chain on the list, planning to close at least 600 stores this year.
Other companies, such as Walmart and TJX, are closing a few stores while opening many more.
A Business Insider tally of disclosures from nine retail chain brands found as many as 1,330 stores have closed or are set to close across the US in 2024.
The number is down considerably from prior years, including last year, when the collapse of Bed Bath & Beyond contributed to a total of more than 2,800 locations shuttering.
Analysts at UBS think the total number of US retail closures could reach 45,000 over the next five years, led largely by smaller stores going out of business, even as larger firms such as Walmart, Costco, Target, and Home Depot continue to expand.
Topping this year's list is the Dollar Tree-owned Family Dollar, which is set to close at least 600 locations, with more to come as leases expire.
Some companies, including Express and Foxtrot, are in dire financial straits. Others, such as Walmart and TJX, have plans to expand by more stores than they close. Still others, like Foot Locker and Macy's, are shifting their strategies as shopping patterns change.
See the full list below:
Family Dollar: 600 stores
Family Dollar has caused significant headaches for Dollar Tree.
REUTERS/ Jim Young
Its parent company, Dollar Tree, said it would close 600 Family Dollar stores in the first half of this year, while an additional 370 locations are set to close in the coming years as leases expire.
CVS: 300 stores
CVS has more than 7,500 retail locations.
Reuters
CVS is in the final year of its three-year plan to shutter 900 locations. The company says changing populations and buying patterns led it to reconsider how many stores it needed in certain areas.
Foot Locker: 113 stores
Foot Locker has more than 700 locations in the US, with even more around the world.
Bethany Biron/Business Insider
Foot Locker closed 113 locations during the fiscal quarter that ended on February 3. In the same period, the company opened 29 locations and relocated or remodeled 66 others.
Express: 107 stores
Express had 600 retail locations across three brands before it announced its plan to close some.
AP Photo/Terry Gilliam
Express announced in April that it would close 95 flagship brand stores and all 12 of its UpWest branded locations.
Rite Aid: 77 stores
Rite Aid says that it has about 1,700 stores, down from 4,600 in 2023.
Big Lots disclosed in its quarterly filings in June that it plans to close between 35 and 40 stores this year, after having closed 35 stores in the prior year.
Foxtrot: 33 stores
Foxtrot had locations in Illinois, Texas, and the Washington, DC, area.
Bethany Biron/Insider
The boutique convenience store Foxtrot abruptly shuttered its 33 locations in April after it came up $35 million short of its 2023 sales goal, Modern Retail reported.
Walmart: 7 stores
Walmart operates roughly 4,600 stores across the US.
FREDERIC J. BROWN / Getty Images
Walmart plans to close seven locations across four states, which it said did not meet financial-performance expectations. The company said earlier this year it planned for a total of 150 new or upsized stores in the next five years, starting with 14 new locations in 2024.
TJX: 3 stores
The TJX family of brands is T.J. Maxx, Marshalls, Sierra, HomeGoods, and HomeSense.
AP Photo/Charlie Neibergall; Gloria Dawson/Insider
The off-price retail company TJX closed two T.J. Maxx locations and one Marshalls store earlier this year. Those will be more than offset by the addition of 45 new US locations across the two brands, plus 83 more across the other three brands in the TJX family.
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