20 Companies Announce Store Closures for 2024

Retail Industry Struggles amid Economic Challenges

May 13, 2024 1:33 PM EDT CBS News

The retail industry is facing significant challenges in the face of inflation and consumer spending declines. As a result, numerous companies have announced plans to close physical stores in 2024.

Notable Closures

Among the companies affected by the closures are:

• Disney
• Best Buy
• Macy's

These closures represent a continuation of a trend that has seen retailers close thousands of stores in recent years. According to CNN Business, retailers have confirmed nearly 3,000 store closures in 2021 alone.

The reasons behind the closures vary, but they often include a decline in foot traffic, increased competition from online retailers, and rising operating costs.

Impact on Consumers

The store closures will have a significant impact on consumers, particularly in smaller communities that rely on these businesses for goods and services.

Additionally, the closures may lead to job losses and a reduction in the overall availability of goods and services in certain areas.