BUSINESS
What retailers and store chains have announced closures in 2024? CVS Health, Walgreens...
This year thousands of storefronts belonging to major chains have closed. Which retailers are planning more closures in 2024?
As shoppers move online, brick-and-mortar retailers nationwide are feeling the pinch.
Pharmacies and drug stores announce a slew of closures
It has been reported that several large pharmacy chains, including RiteAid, CVS, and Walgreens, are facing financial struggles and are being forced to close down multiple stores. RiteAid is currently in the process of closing over 140 locations, while CVS announced a few years ago that it would close 900 stores by 2022 and 2024. Walgreens has announced plans to close 150 of its stores in the US by August 2024, representing a small percentage of its nearly 9,000 locations. Recent financial reports from CVS have caused concern among company executives, leading some to speculate that closures will continue into 2024. This trend is likely due to increased competition from other drugstores, as well as big box retailers such as Target and Walmart.
Low-cost retailers struggle to keep up
BigLots, a retail company, has announced its plan to continue adjusting its multiyear strategy, which includes closing some of its locations in 2024. According to US Sun, the company has already announced a set of closures in New York, North Carolina, and Illinois. Similarly, Dollar Tree Inc., which owns both Dollar Tree and Family Dollar, has also declared that some of its “underperforming” stores will be closed in the coming year. In the financial sector, banks like Chase and Bank of America have already scheduled a series of branch closures that will take place in the new year.
Bank closures coming in 2024
Chase has announced five closures that will take place in early February.
- 240 NORTH WASHINGTON BOULEVARD, SUITE 100, SARASOTA, FL
- 5200 DEMPSTER STREET, SKOKIE, IL
- 4200 DEMPSTER STREET, SKOKIE, IL
- 50 SKOKIE BOULEVARD, WILMETTE, IL
- 1101 WEST LAWRENCE AVENUE, CHICAGO, IL
Additionally, Bank of America has over a dozen branch closures planned for January and February:
- 13595 SOUTH DIXIE HIGHWAY, PINECREST, FL
- 1310 S. ROCHESTER ROAD, ROCHESTER, MI
- 1 MARKET STREET, SAN FRANCISCO, CA
- 5800 SOUTH EASTERN AVENUE, LOS ANGELES, CA
- 1400 MORAGA WAY, MORAGA, CA
- 4767 BOSTON POST ROAD, PELHAM MANOR, NY
- 1818 SOUTH EUCLID STREET, ANAHEIM, CA
- 125 HIGH STREET, BOSTON, MA
- 1440 TRUXTUN AVENUE, BAKERSFIELD, CA
- 2708 MING AVENUE, BAKERSFIELD, CA
- 39168 WINCHESTER ROAD, MURRIETA, CA
- 800 IRVING STREET, SAN FRANCISCO, CA