The retail landscape in 2024 is set to undergo significant changes as several well-known brands announce large-scale store closures.
The shift highlights ongoing challenges for brick-and-mortar retailers competing with the rapid growth of e-commerce and changing consumer habits. Here's a breakdown of the major players scaling back their physical presence next year.
Top 4 Retailers to Scale Down
Macy's
The iconic department store chain Macy's is also downsizing, with plans to close 55 stores by the end of 2024. Over the next two years, an additional 95 stores will gradually shut their doors, leaving only 350 locations in operation.
Macy's decline mirrors broader trends in retail, as more shoppers turn to online platforms for clothing and accessories.
Once a powerhouse with 850 stores in 2010, Macy's has seen a steep decline in physical store sales due to competition from ultra-fast fashion brands like Shein and Temu.
CVS
According to El Adelantado, pharmacy giant CVS is shifting its focus to healthcare services, resulting in the closure of select stores in 2025. The company plans to expand its MinuteClinic network and digital health initiatives as part of its new strategy.
The closures aim to streamline operations and strengthen its position in the evolving healthcare market, where competition from online pharmacies is intensifying.
Family Dollar
Family Dollar, a subsidiary of Dollar Tree, plans to shut down 370 stores in 2024, adding to the 600 closures already announced for this year. Despite being a discount retailer—traditionally resilient in tough economic times—Family Dollar has struggled with slim profit margins and underperforming locations.
The company also cited the reduction in SNAP benefits, which affected its low-income customer base, as a contributing factor. Following these closures, Family Dollar will retain approximately 7,320 stores nationwide.
Best Buy
Electronics retailer Best Buy will close an estimated 10 to 15 stores in 2024 and another set of locations in 2025. This follows the closure of 24 stores in 2023. Best Buy is balancing these reductions by opening smaller, strategically located stores and expanding its online presence, The Sun said.
It continues to focus on services like Geek Squad and the rollout of its new Totaltech membership program, offering exclusive perks to customers.
As these closures unfold, they underline the shifting dynamics of retail. Traditional stores are finding it increasingly difficult to compete in a market where convenience, speed, and value often come first for shoppers.
While some brands are pivoting toward digital and service-oriented models, the era of sprawling physical retail chains may be drawing to a close.
