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Mass Store Closures: 20 Major Companies Announce Shutdowns
Industry Shake-up in 2024
Over 8,700 Store Closures in UK
The retail industry is facing a wave of store closures in 2024, with over 8,700 chain stores shutting down in the British High Street alone. The trend towards online shopping, coupled with the economic challenges posed by the pandemic and rising inflation, has led to a significant decline in foot traffic for many brick-and-mortar retailers.
20 Companies Affected
Some of the major companies that have announced store closures this year include Walmart, Macy's, Bed Bath & Beyond, GAP, and Kohl's. Walmart has closed approximately 40 stores since 2021, with an additional 20 slated for closure this year. Macy's, which once operated over 850 stores nationwide, has announced plans to close nearly 125 locations by early 2024.
A Turning Point for Retail
The mass store closures signal a turning point for the retail industry, as more consumers shift towards online shopping for convenience and affordability. While 2021 marked a short-lived recovery for retailers, with store openings outpacing closures, the economic challenges of 2023 and beyond have reversed this trend. The closures are not only affecting retail chains but also shopping malls and other retail-oriented real estate properties.
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