From Best Buy to Party City, these are the top brands that announced closures in 2024

New York’s Staten Island. With numerous U.S. retail chains declaring large store closures or declaring Chapter 11 bankruptcy throughout the previous 12 months, it was a difficult year for big-box retailers and major department stores. Many of the businesses argue that change is required in the present retail environment and attribute the reduction of brick and mortar stores to inflation, changing consumer habits, and dwindling foot traffic.

And the reduction continues as the ease of online shopping surpasses the in-store experience.

Here’s a closer look at which retailers have permanently vanished and which have lately revamped themselves:

The Best Purchase

Due to dwindling revenues, this electronics business announced in March that it would lay off employees and close roughly a dozen locations across the US. To create more lively and engaging spaces with modern technology, the brand also started experimenting with outlet centers and innovative small shop layouts.

There are 1,056 Best Buy locations in the US, 53 of which are in New York, and one is in New Springville, according to the company’s website. The locations of the store closures have not yet been confirmed by the company.

Large Quantities

Discount retailer Big Lots made every attempt to maximize its operational footprint after declaring Chapter 11 bankruptcy in September, closing about 500 of its 1,400 locations nationwide.

The Body Shop

In March, The Body Shop, a worldwide cosmetic business that has been producing products with sustainable ingredients for nearly 50 years, shut down all of its facilities in the US.The Staten Island Mall in New Springville, where the business has been for years, is one of about 50 locations across the nation that have already shuttered.

Family Dollar or Dollar Tree

The discount retailer Dollar Tree Inc., which owns and runs over 16,000 Family Dollar and Dollar Tree locations in 48 states, including 11 on Staten Island, said earlier this year that it would close about 1,000 of its locations over the course of the next several years. According to reports, the company has struggled to compete with other bargain retailers like Dollar General and Walmart due to years of poor management.

Macy’s

150 Macy’s locations will close over the next two years as part of the company’s ambitions to update and modernize its retail environment, which were revealed in February.The corporation will have 350 locations, just over half of what it had before to the pandemic, as a result of the second significant shrinking of the Macy’s network since 2020.

Nordstrom

The luxury goods retailer Nordstrom, which has over 350 sites across the US, closed 15 of its stores in 2023. The Seattle-based company also announced in September that it will be closing its Nordstrom Rack location at Empire Outlets. Earlier last month, all operations were stopped there.

City of Parties

One of the biggest providers of balloons, decorations, and other special occasion items in the country, Party City, filed for Chapter 11 bankruptcy in January 2023 after experiencing difficulties due to rising costs and declining consumer spending. The business announced that it will close its Port Richmond facility in mid-January after closing its New Dorp branch in April 2023. In New Springville, there is still one Staten Island Party City.

Rite Aid

There is now only one Rite Aid store left in the borough after the troubled pharmacy brand, which closed more than 200 locations in 2023, closed one of its Travis locations in April.

Wal-Mart

Walgreens declared in October that it would close over 1,200 stores over the course of the following three years, with 500 of those closures planned for 2025. The business is having trouble competing with online rivals and dwindling prescription drug payments, according to the company’s annual financial report.

Walmart

Walmart announced intentions to eliminate eight more stores in May after eliminating 20 locations in 12 states in 2023, citing record-breaking retail theft as the reason for the closures and the fact that the closed stores were not reaching financial objectives.

However, the retailer is still growing despite such underperforming areas: Walmart had previously stated that it would launch or start building 14 additional stores this year. across the upcoming year, the company also intends to renovate 650 locations across 47 states.

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