In 2024, major retail chains across the U.S. are shutting numerous stores due to shifting consumer habits and economic challenges. From Foot Locker to Macy’s, these closures aim to optimize operations amidst a growing e-commerce landscape, reshaping the retail industry landscape.

Leading Retail Chains to Close Numerous U.S. Locations in 2024

In recent years, many prominent retail brands across the United States have encountered mounting challenges. Increased competition and workforce shortages have impacted their operations. As a result, numerous well-known retailers plan to shut down hundreds of stores this year. The rise of e-commerce and changing shopping habits are significant drivers behind this trend. Many companies view these closures as strategic measures to cut costs and streamline their business models.

Foot Locker The popular athletic footwear retailer intends to close approximately 400 outlets over the next two years, mainly focusing on underperforming malls.

The company plans to rebrand by launching new concept stores outside traditional retail spaces, targeting specialized audiences such as sneaker aficionados.

Starbucks Even major coffee brands like Starbucks are reducing their footprint, with plans to close roughly 100 stores this year. This comes after a previous phase of closures in 2020-2021, where more than 500 outlets shut down.

Macy’s The department store giant continues its restructuring efforts by closing hundreds of stores. After shutting about 125 locations four years ago and 45 the following year, Macy’s announced plans to close an additional 150 stores over the next three years in early 2024.

Dollar Tree (Family Dollar) Facing financial losses, Dollar Tree plans to shutter around 1,000 Family Dollar stores nationwide, with about 600 closures scheduled in the first half of 2024.

Gap Inc. This fashion retailer aims to close approximately 350 Gap and Banana Republic locations across North America, focusing on more profitable stores and adapting to the shift toward online shopping.

Fossil After reporting a loss of nearly $96 million in 2023, Fossil plans to close between 65 and 75 stores. The brand intends to emphasize its digital sales channels and online presence by leveraging lease expirations.

Applebee’s The casual dining chain expects to close over 30 locations this year, following the closure of 46 outlets in 2023 due to underperformance.

Burger King Despite its popularity, Burger King closed around 400 stores in one year, primarily targeting outdated and underperforming outlets. The company plans to continue this approach in 2024.

Bath & Body Works The retailer intends to close about 50 mall-based stores this year and expand into locations outside shopping malls for wider reach.

Goodwill The nonprofit thrift chain is shutting down about 8 stores nationwide due to ongoing economic difficulties, but continues to serve communities through adjusted operations.

Foxtrot The innovative hybrid convenience store closed 33 locations this year after sales did not meet expectations, despite offering unique delivery and experience options.

Rue21 Facing bankruptcy and stiff competition, Rue21 announced the closure of over 500 stores, citing shifts in consumer preferences and economic factors as reasons.

The Body Shop Once celebrated for eco-friendly products, The Body Shop declared bankruptcy earlier this year and is closing all its stores here.