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You'd think a chain like Best Buy would be immune to store closures given the number of consumers who prioritize spending on electronics. But Best Buy is making plans to close 10 to 15 stores in 2025.
Retail industry closures soared in 2024, with more than 7,100 stores shutting down through the end of November — a 69% jump from the same time last year, according to research firm CoreSight.
Macy’s, for example, is in the middle of closing about 150 of its namesake stores across the country by early 2027. The department store operator has been shuttering roughly 50 of those per year ...
Many closures are the result of already-struggling companies reaching their breaking points and declaring bankruptcy
On December 20, 2024, the chain officially announced that it would shut down operations and close its near-700 stores effective immediately. [236] [237] Payless ShoeSource filed for bankruptcy in April 2017 and closed 400 of its stores. [238]
Research published by global retail analyst IHL Group in 2019 suggests that the so-called retail apocalypse narrative was an exaggeration, with "more chains that are expanding their number of stores than closing stores.” [7] That year, retailers in the United States announced 9,302 store closings, a 59% jump from 2018, and the highest number ...
Investment bank UBS projected that around 50,000 or so U.S. stores will close by 2027, reported Forbes. ... Discount Stores Like Dollar Tree and Dirt Cheap Are Closing Locations: See If Your State ...
On January 9, 2025, it was announced that Macy's would be closing as part of a plan to close 66 stores nationwide while prioritizing higher-earning stores. [31] [32] The store will close during the first quarter of 2025, leaving March 31, 2025 as the latest possible date. Dick's Sporting Goods will be the last remaining tenant at the mall after ...