In 2024, approximately 1,000 Family Dollar locations will close, with 600 of them shutting down in the first half of the year. This closure is part of a trend where at least nine retail brands have announced they will be closing US stores this year, totaling around 1,280 locations. Family Dollar is the largest chain on this list and has plans to close at least 600 stores this year.
Despite the closure of these retail stores, analysts predict that up to 45,000 US retail closures could occur over the next five years. This trend is primarily driven by smaller stores going out of business. However, larger firms like Walmart, Costco, Target, Home Depot, and other established players are expected to continue expanding.
Some companies are facing financial difficulties and may have to close their doors altogether. For instance, Express and Foxtrot are among those facing financial struggles. On the other hand, companies like Walmart and TJX are focusing on opening new stores instead of closing old ones. In addition to these closures, companies such as Foot Locker and Macy’s are adjusting their strategies to adapt to changing shopping patterns.
In summary, while many retail stores are closing or set to close in the US in 2024 due to various factors such as financial woes and changing shopping habits, some companies are planning to expand and evolve in response to the changing market.
