U.S. Retail Closures Continue To Skyrocket Under Biden
Charlie Kirk Staff
06/12/2024

The retail apocalypse of 2023 has continued into 2024, with thousands of stores across the United States set to shut their doors. Under President Joe Biden’s administration, the economic strain on the retail sector has only deepened, leading to a retail bloodbath.
Many major retailers, such as Macy’s, Walgreens, CVS, Family Dollar, Walmart, and 7-Eleven, have announced significant closures. A total of 2,599 store closures are planned for this year, which is a 2.5% increase from the same period last year, according to the Daily Mail. These closures highlight the ongoing challenges that brick-and-mortar stores face due to rising costs and changing consumer habits.
The struggling discount retailers Family Dollar and the bankrupt 99 Cents Only stores have been hit hard by the current economic climate. Discount stores, which are often considered a lifeline for low-income families, are suffering from significant losses. Following its bankruptcy, 99 Cents Only has announced the closure of many stores, but Dollar Tree’s recent acquisition has saved 170 locations from shutting down.
Retail experts highlight several factors contributing to the closures, including increased competition from online retailers, rising operating costs, and changing consumer preferences. However, the Biden administration’s economic policies have exacerbated the situation, creating an environment where traditional retailers struggle to survive.
The planned closures translate into lost jobs, deserted shopping centers, and communities contending with reduced access to essential goods and services. For many Americans, these store closures serve as a stark reminder of the challenges confronting the retail sector and the broader economy.
“A lot of this year’s closures are related to bankruptcies of chains that have been in trouble for a while, like Rite Aid and Rue21,” Neil Saunders, managing director of GlobalData, said to CBS. “We’re also seeing several retailers, like Family Dollar, take action to weed out underperforming locations.”
As reported by CoreSight, a firm monitoring retail activity in the U.S., nearly 3,200 retail stores have closed this year, marking a 24% increase from last year. In contrast, store openings have decreased by 4%, with many major chains delaying their expansion plans.
Dollar Tree has announced the closure of more than 600 Family Dollar stores, citing inflationary pressures on shoppers and an increase in shoplifting incidents as reasons for the decision. While some retailers are still planning to open new locations, the overall trend suggests a more cautious approach in the industry, the report said.