US Retailers Closing Stores in 2023
In 2023, US retailers closed almost 5,500 stores, with major brands like Bed Bath & Beyond, Walgreens, and Rite Aid leading the closures. The home and office sector was hit hardest, accounting for over 30% of closures. Several retailers went bankrupt and liquidated stores due to poor sales and escalating theft. Despite high closures, there were also many store openings in the same year.
Key Points
- Bed Bath & Beyond led in closures with 866 stores shut
- Home and office sector was most affected
- Some closures due to bankruptcy and poor sales
- Despite closures, retailers also opened new stores
Pros
- Adapting to changing consumer behavior
- Optimizing profitability by closing underperforming stores
- Digital operations continue for some brands
Cons
- Loss of physical retail presence
- Impact on employees and communities