There could be 15,000 fewer retail doors by the end of 2025.
Coresight Research has predicted that store closures in the U.S. will escalate to 15,000, up from 7,325 in 2024. Last year represented the highest number of store closures seen since 2020, when the research firm tracked nearly 10,000 doors that were shuttered. Store openings totaled 5,970 in 2024, leaving a net loss of 1,355 store locations for the year.
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To date, there have been 2,188 announced store openings and 3,727 store closures among U.S. retailers for the first ten weeks of the year, according to Coresight.
The store closings disclosed in just this week along include Big Lots at 101 locations; Abercrombie & Fitch Co., with 17 doors, and Ross Stores, at 10.
Bankrupt Big Lots was sold to discount chain Variety Wholesalers Inc. in January, which said it would keep between 200 to 400 stores open under the Big Lots name. The final store count that would continue operating wasn’t immediately clear until last week, although there were early estimates that 300 would stay open. Instead, Big Lots will move forward with 199 doors in operation in 2025, resulting in the loss of 101 more locations.
The other store closures are part of a routine review of store locations. Retailers regularly review their store network. In the case of Abercrombie, it has said for several years that it will prune its store base as leases come due, while it continues to open new store locations at the same time.
Among those disclosing store openings in the past week, Ross Stores will open 92 doors; The TJX Cos., at 85, Abercrombie & Fitch Co., with 55 planned new stores, and Target, with 16 new doors.
Coresight’s retail store counts includes retailers that operate in categories other than fashion, such as supermarket chains.
Among the store closures this year, the big-box sector has been particularly hard hit. That’s due in part to Big Lots, 695 Party City stores that went dark and 533 Joann’s locations.
Other retailers that said earlier this year they were shutting down some locations include Macy’s Inc., which is closing 150 “underproductive” locations by next year, and Kohl’s Corp, which is closing 27 locations.
The 15,000 Coresight is predicting could close this year just might be the tip of the iceberg. Nearly a year ago, UBS retail analyts Michael Lasser said there will be more store closings than openings ahead. He projected a net loss of 45,000 stores in the retail sector over the next few years. Many of those doors will be from retailers who operate stores in shopping malls. In apparel, he said store closures would hit 16,500 doors over the next five years, with most locations happening in the department store and specialty retail channels.