Here are the major retailers closing US stores in 2024

Inflation has forced Americans to rethink how, when and where they shop. This change in consumer spending has pushed some already-struggling businesses to the point of no return this year, sparking bankruptcies and the closures of some 3,200 shop locations. While there are some retailers – mainly popular discount stores – looking to expand, there are reportedly four percent fewer store openings this year in comparison to last. With that in mind, here's a list of some of the major retailers shuttering down in 2024. 

Earlier this year, Macy's announced a new strategy in reworking its store locations to be smaller and more luxurious. As part of the plan, the department store chain said it would shut over 100 shops this year. 

Macy's 50 'underperforming' location stores will be the first to close, reportedly followed by another 100 stores in the years to come. However, the retailer also announced it would be opening 30 new and smaller shops – not connected to malls – over the next two years.

As of December last year, The Body Shop had 61 stores within the US. However, the British beauty and cosmetics retailer filed for bankruptcy on 1 March, shuttering all of its US operations. 

The brand has struggled in the last few years and has changed hands several times – most recently being sold late last year to the asset management group Aurelius for about $266 million. While the UK retailer's US stores are shutting down, the Canadian operation announced it would continue to operate.

In 2021, CVS announced it would close some 300 stores yearly through the end of 2024. 'The company has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business,' the company wrote back then. 

'As part of this initiative, CVS Health will reduce store density in certain locations and close approximately 300 stores a year for the next three years,' the statement continued.

Family Dollar, which is owned by Dollar Tree, recently announced its plans to shut over 600 stores this year and another 370 in 2025. 'Persistent inflation and reduced government benefits continue to pressure the lower-income consumers that comprise a sizable portion of Family Dollar’s customer base,' Rick Dreiling, the company’s CEO said, according to CNN. 

The discount retailer has been plagued by inflation, limiting its customers' spending and intensifying its battle with discount rivals – namely Dollar General and Costco. Family Dollar also cited a rise in shoplifting losses as a reason for the closures. 

Want more stories like this from the Daily Mail? Hit the follow button above for more of the news you need.