Takeaways
- Store closures in the US reached 7,400 in 2024, the highest level since 2020.
- Inflation continues to affect consumer spending, particularly among lower-income groups.
- Legacy retailers are reshaping their store footprints to adapt to changing consumer habits.
- The home goods sector faced significant challenges due to a weak housing market.
- Discount stores experienced unusual closures, with major players like Big Lots and Family Dollar closing numerous locations.
- Apparel continues to see store closures as the sector adjusts to market demands.
- Retail drugstores such as Walgreens and CVS are also closing hundreds of stores as they reshape their estates.
- In 2025, US store closures are set to increase further, with early indicators showing a strong start to the year.
- The UK retail market is facing significant challenges, with closures expected to rise in 2025.
- Consumer sentiment in the US remains positive, contrasting with the pessimistic outlook in the UK.
Chapters
00:00 This Week in Research: New Reports and Data
02:52 Store Openings and Closures in 2024
07:19 Sector-Specific Challenges and Trends
10:23 Square Footage and Retail Space Dynamics
12:48 Predictions for 2025: Store Closures and Market Outlook
17:50 Comparative Analysis: US vs. UK Retail Markets
Dive into the full details of store closures and openings in the US and the UK with our comprehensive reports:
