With many Family Dollar, CVS and Big Lots locations closing throughout the U.S. this year, the number of store closings is up significantly in 2024 compared to 2023.
According to data provided to Scripps News by Coresight, there have been 7,308 confirmed or planned store closings in the U.S. so far in 2024, which is up by nearly 3,000 from a year ago. In the meantime, there have been 5,818 store openings since the start of the year.
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Family Dollar has closed the largest number of stores, with 718 confirmed closings. CVS has closed or is in the process of closing 586 locations, while Big Lots is closing 580 locations this year, Coresight reports.
Earlier this year, Family Dollar's parent company Dollar Tree said it planned to close 600 underperforming Family Dollar locations between March and June. An additional 370 Family Dollar and 30 Dollar Tree stores would close at the end of each store's current lease term, the company said in March.
These chains had the most closures in 2024, according to Coresight:
1) Family Dollar (718)
2) CVS (586)
3) Big Lots (580)
4) Conn's (553)
5) rue21 (543)
6) 7-Eleven (492)
7) Rite Aid (408)
8) 99 Cents Only Stores (371)
9) American Freight (353)
10) Walgreens (259)
Big Lots has also faced significant restructuring amid bankruptcy. The company cited high inflation and high interest rates as reasons for its struggles. Big Lots said customers have cut back on discretionary spending on home and seasonal products, which make up a significant portion of Big Lots' sales.
There are some brands that have expanded their footprints in 2024. Among them, Dollar General is in the process of opening 754 locations this year, while Dollar Tree is opening 541 and 7-Eleven is opening 295.
In some instances, store closings involved brands transferring hands. For instance, DK convenience stores is closing 249 locations but those shops are reopening as OXXO stores. OXXO is a popular chain of convenience stores in Latin America that has its eyes on expanding into the U.S.