In recent years, there’s been a big shift in Americans’ shopping habits. In the wake of the pandemic, consumers have gotten very used to doing their shopping online. And not surprisingly, that’s led to an uptick in physical store closures.
In 2024, retail closures reached their highest level since the pandemic, according to Coresight Research, with a total of 7,325 locations shuttering. And things aren’t exactly looking up for 2025.
A projected 15,000 stores are expected to close between now and the end of December, and some of the retailers that are shutting down the most locations may surprise you.
You’d think a chain like Best Buy would be immune to store closures given the number of consumers who prioritize spending on electronics. But Best Buy is making plans to close 10 to 15 stores in 2025.
As of late 2024, Best Buy had more than 1,000 stores across the country. As part of its strategy, it plans to experiment with new store formats in an attempt to draw in more customers.
Advance Auto Parts is making plans to close 523 corporate stores, four distribution centers, and 204 independent locations by the middle of the year.
Sluggish profits are largely driving the change, but given the chain’s roughly 5,000 stores in total, it’s fair to say that plenty of locations are sticking around, at least for now.
Read more: Commercial real estate has beaten the stock market for 25 years — here’s how savvy investors can become the landlord of Walmart, Whole Foods or Kroger
In 2024, CVS closed 586 locations, and it has plans to close another 270 stores in 2025.
Be on the lookout for changes if you’re someone who relies on CVS for your prescription refills, as you may need to transfer them to another store or even another pharmacy.
For many people, a big part of the shopping mall experience is heading to Foot Locker for new sneakers, or to see what’s in stock. That experience may be coming to an end for some shoppers, though.
In 2023, Foot Locker announced plans to close 400 mall locations by 2026, so it’s fair to expect a substantial number of closures this year.
#Retail #store #closures #America #expected #rise #Heres #whos #shutting #locations
