An Insider tally of announcements by major retailers in 2023 finds as many as 2,285 stores set to close across the US.
The rationales are varied: Some companies are navigating bankruptcy proceedings, while others say they are aiming to cut costs. Several are adjusting store formats to meet changing shopping trends.
Leading the list is Bed Bath & Beyond, which has declared bankruptcy closed 896 stores across three brands this year, followed by Foot Locker, which is shuttering 545 stores across two brands by 2026 as part of a shift away from shopping malls.
See the full list:
Bed Bath & Beyond: 896 stores
Ben Tobin
Bed Bath & Beyond filed for bankruptcy, and closed its stores for good on June 30. The brand will live on in digital form after its intellectual property assets were purchased by Overstock.com for $21.5 million.
Foot Locker said in March that it will close as many as 420 stores by 2026 in shopping malls as part of a plan meant to "reset" the company, as well as 125 Champs Sports locations. It also said it aims to open more than 300 "new concept" stores in the same period, including locations outside of malls.
Walgreens plans to close 150 stores in the US and 300 in the United Kingdom, the company disclosed in its third-quarter earnings call.
The chain operates roughly 9,000 US stores, and did not specify which locations would close.
Bath & Body Works: 50 stores
Johnny Louis/Getty Images
Although the olfactory factory is in fact expanding its retail footprint this year with 90 new standalone stores and 25 remodels, it told investors the move will involve the closure of about 50 of its mall-based stores. Bath & Body Works' net gain comes as a loss for US malls that are seeing an exodus of legacy tenants.
The electronics giant said it plans to close 20 to 30 of its large-format stores as it opens eight smaller concepts and 10 outlet locations, without specifying where these openings or closures would occur. The company typically closes 15 to 20 large stores per year as leases are reviewed.
Amazon: at least 9 stores
Amazon Fresh store
Reuters/HENRY NICHOLLS
Amazon has closed nine of its Go locations — two in New York, three in Seattle, and four in San Francisco — as the company reevaluates its physical store strategy.
The RealReal, founded in 2011, sells secondhand luxury clothing.
Brian Ach/Invision for The RealReal/AP Images
The luxury consignment marketplace is shuttering four stores and two consignment offices across the US to cut approximately $2 million costs.
Lidl: 5 stores
Beata Zawrzel/Getty Images
German discount grocery chain Lidl is set to close five underperforming locations in four states, Retail Dive reports, citing local media. The closing locations include Howell, New Jersey; Thomasville, North Carolina; Florence, South Carolina; Charlottesville, Virginia; and Richmond, Virginia.
The chain recently opened stores in Washington, DC and Greensboro, North Carolina, and is planning to open another in Brooklyn, New York.
Macy's: 4 stores
REUTERS/Mike Segar
Macy's will close four stores during the first quarter in shopping malls in California, Colorado, Hawaii, and Maryland, as part of its three-year plan to close 125 locations.
Target: 4 stores
Ann Matica/Insider
Target will close four locations in three metro areas: two near DC, one in Philadelphia, and one in its hometown of Minneapolis. The company cited declining foot traffic as its primary reason for the closures, and said most store employees would be offered positions at other locations. It also said no additional closures are planned for 2023, and it will open approximately 20 new stores this year.
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