U.S. store closures in 2025 could top 2024 numbers, according to new data released Thursday by Coresight market research company.
The group released its final 2024 report around store closures, as well as early findings from January and overall 2025 predictions, which estimate more closures in 2025 than last year.
“Last year we saw the highest number of closures since the pandemic,” Coresight Research CEO Deborah Weinswig said in a statement. “Inflation and a growing preference among consumers to shop online to find the cheapest deals took a toll on brick-and-mortar retailers in 2024.”
The group found that major retailers closed 7,325 U.S. stores in 2024, which created approximately 119 million square feet of vacant retail space, while 5,970 stores opened in 2024, leaving a net loss of 1,355 stores.
According to the report, which was authored by Coresight data analyst Aaron Mark Dsouza, 2024 brought the greatest number of closures since the group tracked 10,000 closures during the pandemic.
2024 closures included 586 CVS locations, 408 Rite Aid stores and 259 Walgreens locations, which contributed to the ongoing shift in wellness product distribution. Other top closures came from Family Dollar with 718 closures, Rue21 with 543, and Macy’s with 65.
But it was general-merchandise discount stores that accounted for the most closures in 2024, with 1,754 stores or about 23.9% of total closures.
“Retailers that were unable to adapt supply chains and implement technology to cut costs were significantly impacted, and we continue to see a trend of consumers opting for the path of least resistance,” said CEO Weinswig. “Not only do they want the best prices, but they also have no patience for stores that are constantly disorganized and out of stock, and that deliver poor customer service.”
Since January 1, the group has recorded an estimated 1,925 planned store closures and 1,035 planned store openings for the year in the U.S., according to the report. This includes the planned closure of 738 Party City locations, 601 Big Lots, 333 Walgreens, 148 7-11 convenience stores and 51 Macy’s, as well as dozens more stores planning to close under 10 locations, like Foot Locker, Urban Outfitters, Ross and Kohl’s.
The group estimates that approximately 15,000 stores will close in the U.S. in 2025, while 5,800 stores will open, leaving a deficit of close to 10,000 stores.
“Over the longer term, we see risks to retail from a multi-year rebalancing of discretionary spending in favor of services, given the bloating of U.S. retail since 2020 and the continued goods/services imbalance versus pre-pandemic levels, as well as the steady trend for consumers to increasingly favor services spending over goods before the pandemic hit,” Coresight’s Dsouza said in the report. “However, in the near term, we see sufficient tailwinds to sustain real growth in total retail spending.”
