Retail store closures in the United States rose sharply in 2024, with over 7,100 closures announced through the end of November, according to data from the research firm CoreSight. This number marks a 69 percent increase from the previous year under the Biden-Harris administration, which has been plagued by inflation.
The spike in closures is tied to a wave of retail bankruptcies, with 45 retailers filing this year compared to 25 in 2023. Economic challenges, including persistent inflation, have led consumers to cut back on discretionary spending.
While larger chains like Walmart have adapted by appealing to cautious customers, others have faced significant challenges. Last month, Target reported disappointing earnings and sales for its most recent quarter.
Companies with the largest number of store closures this year include Family Dollar and CVS Health. Pharmacy closures have been a notable trend, with over 7,000 such locations shuttered since 2019, according to the Associated Press.
Neil Saunders, an analyst with GlobalData, explained that while economic pressures are a factor, many struggling retailers face deeper issues. […]
— Read More: thepostmillennial.com
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