Major Retail Chains Shut Down U.S. Locations in 2024
In 2024, major retail chains across the U.S. are closing numerous stores due to economic challenges, shifting consumer behaviors, and the rise of online shopping. Brands like Foot Locker, Macy's, and Gap are restructuring their networks, focusing on profitability and efficiency. Many other retailers, from Fossil and Applebee’s to Burger King and Bath & Body Works, are reducing their physical footprints. These closures reflect broader industry trends toward digital focus and operational optimization, marking a significant shift in the retail landscape.
Major Retail Chains Shut Down U.S. Locations in 2024
Over recent years, leading retail companies across the United States have faced significant hurdles. Fierce market competition and workforce shortages have challenged daily operations. Consequently, numerous well-known retail brands are planning to close hundreds of stores nationwide this year. Shifting shopping behaviors—particularly the growing popularity of e-commerce—are key factors influencing this trend. Many companies see these closures as strategic moves to optimize costs and improve efficiency.
Foot Locker
The renowned athletic footwear retailer plans to shut roughly 400 stores over the next two years, primarily targeting underperforming locations in malls.
The company aims to rebrand and introduce new concept stores outside traditional retail environments, targeting niche audiences like sneaker enthusiasts.
Starbucks Even leading coffee brands like Starbucks are reducing their footprints, with plans to close about 100 stores this year. This follows a previous wave of closures in 2020-2021, which saw over 500 outlets shuttered.
Macy’s The department store giant continues restructuring by closing hundreds of stores. After shutting about 125 outlets four years ago and 45 the following year, Macy’s announced in early 2024 the plan to shut down an additional 150 stores in the next three years.
Dollar Tree (Family Dollar) Facing substantial losses, Dollar Tree plans to close approximately 1,000 Family Dollar stores nationwide, with around 600 closures scheduled for the first half of 2024.
Gap Inc. The apparel retailer intends to close about 350 Gap and Banana Republic stores across North America. This move aims to focus on higher-performing outlets and adapt to the shift towards online shopping.
Fossil The watch and accessories brand reported a loss of nearly $96 million in 2023, leading to the closure of 65-75 stores. Fossil plans to leverage lease expirations to focus more on its online presence and digital sales channels.
Applebee’s The casual dining chain expects to close over 30 locations this year following the shutdown of 46 outlets in 2023 due to underperformance.
Burger King Despite its popularity, Burger King has closed around 400 stores in a year, focusing on shutting aging and underperforming outlets. The company plans to continue this trend in 2024.
Bath & Body Works The retailer intends to shutter approximately 50 mall-based stores this year and expand outside malls for broader reach.
Goodwill The nonprofit thrift chain is closing about 8 stores nationwide due to ongoing economic challenges but continues to serve communities through revised store operations.
Foxtrot The hybrid convenience store has shut down 33 locations this year after failing to meet sales targets, despite innovative delivery and experiential options.
Rue21 Battling bankruptcy and increased competition, Rue21 announced the closure of over 500 stores, citing changing consumer preferences and economic factors.
The Body Shop Once celebrated for its eco-friendly products, The Body Shop declared bankruptcy earlier this year and announced the closure of all its stores here.
