The retail landscape across the United States is undergoing a significant transformation in 2024, marked by a notable increase in store closures compared to the previous year. Major retailers, including Family Dollar, CVS, and Big Lots, are among those scaling back their physical footprints, leading to thousands of locations shuttering nationwide. This trend has prompted consumers and industry analysts alike to closely monitor the Family Dollar Closings List and understand the broader implications of these shifts.
Data compiled by Coresight, a research firm specializing in retail and real estate, reveals a stark picture. As reported to Scripps News, the number of confirmed or planned store closures in the U.S. has reached a staggering 7,308 so far in 2024. This figure represents a nearly 3,000-store jump from the same period in 2023, highlighting an accelerated pace of retail contraction. While store closures are on the rise, store openings present a contrasting narrative, with 5,818 new stores opening their doors since the beginning of the year, suggesting a reshuffling rather than a complete downturn in the retail sector.
Among the retailers announcing significant cutbacks, Family Dollar tops the list with 718 confirmed closures. This substantial number places considerable focus on the family dollar closings list as consumers seek to understand the impact on their local communities and shopping options. Following closely behind Family Dollar, CVS has announced or is in the process of executing 586 store closures. Big Lots is also significantly reducing its store count, with 580 locations slated for closure this year.
Earlier in 2024, Dollar Tree, the parent company of Family Dollar, publicly stated its intention to close approximately 600 underperforming Family Dollar stores between March and June. Furthermore, the company outlined plans to close an additional 370 Family Dollar and 30 Dollar Tree stores as their current lease agreements expire. These strategic decisions underscore the challenges faced by discount retailers in the current economic climate and the proactive measures being taken to optimize store performance and profitability.
The list of chains with the most closures in 2024, according to Coresight, provides a comprehensive overview of the current retail restructuring:
- Family Dollar (718)
- CVS (586)
- Big Lots (580)
- Conn’s (553)
- rue21 (543)
- 7-Eleven (492)
- Rite Aid (408)
- 99 Cents Only Stores (371)
- American Freight (353)
- Walgreens (259)
Big Lots’ restructuring efforts are particularly noteworthy as the company navigates bankruptcy proceedings. Citing the pressures of high inflation and elevated interest rates, Big Lots has indicated that consumers are tightening their belts and reducing discretionary spending. This shift in consumer behavior has disproportionately impacted sales of home and seasonal products, which constitute a significant portion of Big Lots’ revenue stream.
While store closures dominate headlines, certain brands are demonstrating resilience and expansion in 2024. Dollar General is aggressively expanding its footprint, planning to open 754 new locations this year. Dollar Tree is also in growth mode, with 541 new store openings planned, and 7-Eleven is adding 295 stores to its network. This expansion suggests that while some segments of retail are contracting, others, particularly in the discount and convenience sectors, are finding opportunities for growth.
In some instances, store closures are part of a brand transition rather than a complete market exit. The closure of 249 DK convenience stores, for example, is being offset by their reopening under the OXXO banner. OXXO, a well-established convenience store chain in Latin America, is strategically entering the U.S. market, viewing these conversions as a rapid entry strategy. This example illustrates the dynamic nature of the retail industry, where closures can sometimes pave the way for new entrants and evolving market players.
