MORE RESULTS OF BIDENOMICS: Retail Stores Closing At Alarming Rates

In 2024, retail stores are going out of business at an alarming rate with almost 2,600 stores permanently closing their doors in the past few months.

Macy’s, Walgreens, CVS and Walmart all recently announced numerous closures in the United States with the Family Dollar franchise being the hardest hit.

The Daily Mail reported, “If the closures were to continue at the same rate for the rest of the year they would total 7,800 in 2024 – almost 40 percent more than the total in 2023,” with many consumers turning to online sales and reducing in person pickup.

Family Dollar and Dollar Tree encompass almost 600 store locations throughout the United States and 15% of those stores will be closing this year.  The 99 Cents Only Store was the second-highest retail chain store to announce closures.

“In April, it announced it would close all 371 of its locations, blaming high inflation and rising theft,” reported the Daily Mail. “The West Coast brand – which has stores in California, Texas, Arizona and Nevada – announced the news without giving a timeline for the closures.”

In a statement from interim CEO Mike Simoncic, the decision to close the stores was based on “lasting challenges in the retail environment, including the unprecedented impact of the COVID-19 pandemic, shifting consumer demand, rising levels of shrink, persistent inflationary pressures and other macroeconomic headwind.”

CVS Drug Stores recently announced they would be closing a staggering 315 stores, Rite Aid closing 165 and Walgreens closing 77 stores just in 2024.

Rite Aid filed for bankruptcy in October after they faced declining sales and many legal battles over their pharmacy “unable to settle hundreds of lawsuits accusing the company of overprescribing opioids.”

Many other small retail chain stores have closed locations citing reasons such as decreased traffic, consumer demand and dramatic rise in crime.