These 7 Retailers Closed Thousands of Stores in 2024

Say goodbye to some of your favorite pharmacies, convenience stores and discounters

Daniel Bortz,

AARP

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Published December 30, 2024

sorry we are closed sign in front of store signs

Sarah Rogers (Alamy Stock Photo, Getty images 3)

2024 was a grim year for many brick-and-mortar retailers. Data from Coresight Research shows that over 7,100 stores in the U.S. closed from January 2024 through the end of November, a 69 percent increase from the same period the prior year.

These store closures could have a significant impact on older shoppers, considering 74 percent of shoppers 65 and older and 71 percent of shoppers ages 55 to 64 purchased products in-store in 2023, up from 66 percent and 67 percent, respectively, in 2021, a survey from financial services firm Synchrony found.

Store shutdowns occurred across the country, as more consumers turned to e-commerce. "Overall, the surge in brick-and-mortar store closures this year can be attributed to a rise in online shopping and consumers’ growing dissatisfaction with retailers that fail to meet expectations in customer service and pricing," says Deborah Weinswig, Coresight's CEO.

Furthermore, “The U.S. retail sector has been oversaturated for decades, and we will continue to see store closures in unprofitable locations," says Patricia Huddleston, a professor at Michigan State University who studies retail and consumer behavior. Inflation is also putting pressure on consumer spending, Huddleston adds.

These seven retail chains saw some of the biggest number of store closures in 2024:

7-Eleven

Citing underperformance due to factors like declining foot traffic, inflationary pressures and lower cigarette sales, the convenience store closed over 500 locations in 2024. To correct course, the company said it would focus on offering more fresh food and proprietary beverages, like the retailer’s iconic Slurpee.

99 Cents Only

The now-defunct 99 Cents Only Stores closed its remaining 371 stores in 2024. Supply-chain issues and rising costs of consumer goods plagued the discount retailer. Dollar Tree acquired leases for 170 of 99 Cents Only’s stores in Arizona, California, Nevada and Texas and reopened them under the Dollar Tree brand.

Big Lots

Founded in 1967, the Columbus, Ohio-based chain started as a seller of closeout deals for auto parts and became one of biggest discount retailers in the country. But in December 2024, the company announced that it would liquidate and close all of its remaining stores in 2025, without providing specific dates for store closures. The business had filed for Chapter 11 bankruptcy protection in September 2024 just weeks after announcing plans to close 340 locations.

Conn's HomePlus

The 134-year-old home goods retailer filed for bankruptcy in July 2024 and permanently closed all of its remaining 174 locations across 15 southern states, blaming inflation and a decline in sales. The discount furniture and mattress company owed about $530 million in debt, according to its bankruptcy filing.

CVS

The nation’s largest drugstore chain suffered nearly 600 store closures from January to November 2024, shrinking its total to around 7,250 stores. CVS said it’s reducing its brick-and-mortar locations in response to changes in population, consumer buying patterns and future health needs. Walgreens and Rite Aid also faltered, shuttering hundreds of stores in 2024.

Family Dollar

The discount retailer, which sells everything from groceries to beauty products and clothing, shut down the largest number of stores in 2024, with 718 closures as of mid-December. Dollar Tree purchased Family Dollar in 2015 for $8.5 billion, and the company has struggled since the acquisition.

Party City

Say goodbye to this longstanding retailer for balloons, Halloween costumes and party decorations. Party City announced in December that it was closing all of its stores — about 750 locations — by February 2025 after almost four decades in business. The New Jersey-based retailer had filed for Chapter 11 bankruptcy protection in January 2023 to pay off $1.7 billion in debt.

Cosmetics Stores On the Rise

The beauty sector is expected to reach $590 billion by 2028, with an annual growth rate of 6 percent. This explosive growth has been fueled largely by social media — where influencers promote a seemingly endless variety of lipstick, blush, mascara, eyeshadow, eyelashes and other beauty products — and by consumers desiring to test these products in person. In a recent McKinsey study, viewing a product in-store was the highest-ranked influence on consumer health and wellness purchase decisions in the U.S., higher than recommendations from friends, family and doctors.

Brick-and-mortar retailers are leaning in. Cosmetics chain Ulta says it plans to open 200 new stores over the next three years. Meanwhile, Kohl’s is continuing to grow its partnership with makeup giant Sephora, adding 45 new "Sephora at Kohl’s" shops to the company’s stores in the fall of 2024.

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Daniel Bortz is a personal finance editor at AARP. His work has been published by the New York Times, Washington Post, Consumer Reports, Entrepreneur, Kiplinger, Newsweek, Money and other national publications.