More than a dozen major retailers have said they will close US stores in 2023, a combined total of 2,373 locations.
Amazon, Bath & Body Works, Walmart, and Foot Locker are among the chains shutting down stores.
Bed Bath & Beyond closed 896 locations amid bankruptcy — the most of any retailer on the list.
It’s not exactly the retail apocalypse of prior years, but it’s still a shakeup.
An Insider tally of announcements by major retailers in 2023 finds as many as 2,373 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
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.
The wind-down affected the 360 flagship stores and 120 Buybuy Baby locations the company previously planned to keep open, plus 416 US Bed Bath & Beyond, Harmon, and Buybuy Baby stores that were already set to close, bringing the total count to 896 locations closing this year.
Foot Locker: 545 stores
Foot Locker said in March that it would 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.
Tuesday Morning: 487 stores
The Dallas-based home goods company said on April 29 that it is shutting down all of its stores. The news came after the company said in February that it planned to close more than half of its stores amid bankruptcy proceedings.
Walgreens: 150 stores (in US)
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.
Christmas Tree Shops: 82 stores
The Massachusetts-based seasonal specialty retailer filed for bankruptcy in May and is going out of business, citing slowing demand, inflation, and rising interest rates.
The chain has already closed 10 stores and is winding down the remaining 72 locations across 20 states.
Bath & Body Works: 50 stores
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.
Gap and Banana Republic: 46 stores
Four Banana Republic stores have already closed this year, two years after parent company Gap said it would close approximately 350 Gap and Banana Republic stores by the end of 2023. The company reported in fourth-quarter earnings that it had 912 locations at the end of 2022 and would end 2023 with approximately 866.
Party City: 31 stores
After announcing 22 store closures in February, the retailer added another 9 to the closure list in April.
Walmart: 23 locations
The big box retailer is shuttering 22 stores across multiple states, citing poor performance, as well as both of its remaining pickup-only concepts. The closures follow a trend of Walmart closing a handful of stores across various states each year.
Best Buy: 20 stores
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.
Lidl: 11 stores
German discount grocery chain Lidl is set to close 11 underperforming locations in six states: North Carolina, Virginia, New Jersey, South Carolina, Maryland, and Pennsylvania
The chain has over 12,000 stores worldwide, with roughly 170 stores in the US. It recently opened stores in Washington, DC, and Greensboro, North Carolina, and is planning to open another in Brooklyn, New York.
Amazon: at least 9 stores
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.
Big Lots: 7 stores
The discount chain is shutting down three stores in California and four in Colorado as the retailer moves toward small towns and away from urban areas.
The RealReal: 6 stores
The luxury consignment marketplace is shuttering four stores and two consignment offices across the US to cut costs of approximately $2 million.
Macy’s: 4 stores
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
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.
JCPenney: 2 stores
JCPenney locations in Oswego, New York and Elkhart, Indiana will close this year following the wind-down of over 150 stores since 2020.
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