Retailers across the United States are being compelled to shutter their brick-and-mortar stores, with major brands like Walmart and Dollar Tree attributing these closures to unsustainable business models.
In 2024 alone, around 1,290 stores have either closed their doors or are slated for closure. Around 169 stores shut down in the last week of April. Among the hardest-hit sectors are supermarkets and fashion brands.
Express, a prominent clothing company announced the closure of 95 stores. Soon, 33 Foxtrot stores followed suit on April 23.
Meanwhile, Urban Outfitters revealed plans to close seven stores, including its decade-old Williamsburg location. Walmart, too announced the closure of one of its Neighborhood Market stores in Milwaukee, citing challenges in profitability, especially for smaller urban stores.
As the retail industry navigates these challenges, it's clear that adapting to changing consumer behaviors and economic realities is essential for survival in today's market.
