US store openings currently outpace closures by 20%, report says
FILE- People wait in a line at a department store. (Photo by: Lindsey Nicholson/UCG/Universal Images Group via Getty Images)
Stores in the U.S. experienced more openings than closings so far in 2024.
Retailers announced 3,562 store closing closures and 4,238 store openings this year, with openings surpassing closings by 20%, according to a new report from Coresight Research.
The report noted that approximately 64 stores announced closings, led by Alimentation Couche-Tard’s 43 store closures and Bob’s Stores’ 19 store closures. Meanwhile, NIKE and Watches of Switzerland also announced one store closure each.
But despite the closing of stores, there were 34 openings, including Alimentation Couche-Tard, Buck Mason, L.L.Bean, and NIKE.
Moreover, Brochu Walker, DeRucci, Fiesta Mart, Framebridge, Kith, and Watches of Switzerland announced one store opening each.
The data-driven research firm created a report offering weekly updates of store openings and closings in the U.S. and UK this year compared to 2023.
Statistics for the report consist of store openings and closures that happened or are likely to occur in a given year. Some store opening and closing data is estimated using global numbers and announced closure/opening programs.
What other U.S. stores are opening?
- L.L.Bean is planning to open four stores in 2024 – in Enfield, Connecticut; Indianapolis, Indiana; Ulster, New York, and Mechanicsburg, Pennsylvania. The openings will take the company’s store count to 60.
- H&M opened two stores so far this year and has an estimated eight planned store openings in 2024.
- Nike opened two stores and closed one this year in the U.S. The sports-apparel giant has 296 stores nationwide as of July 5, 2024.
- Alimentation Couche-Tard, a convenience store chain, opened 22 new stores in its fourth quarter, ending April 28, 2024 Currently, the business has 9,273 stores across the country.
- Buck Mason, an apparel brand, opened a store in Oak Brook, Illinois, in June, and will open a location in Miami, Florida, and multiple stores in Nashville, Tennessee. The company operates 33 stores as of July 5, 2024, Coresight Research noted.
- Netflix is opening to two entertainment venues called "Netflix House" in 2025. One location in Dallas, Texas and the other in King of Prussia, Pennsylvania. Netflix House will feature events, themed gift shops and restaurants. (Coresight Research didn’t include these openings in their 2024 store opening numbers).
- DeRucci, a furniture retailer, opened one store in Rutherford, New Jersey bringing the company's total to three.
- Fiesta Mart, a supermarket chain, opened one store in Lewisville, Texas bringing the company’s store count to 60.
- Framebridge, a home-furnishings store, opened a store in Austin, Texas bringing the company’s store count to 23.
What other U.S. stores are closing?
- Bob’s Stores, a discount clothing and footwear retailer, filed for Chapter 11 bankruptcy and has closed 24 stores so far in 2024.
- H&M has closed six stores so far in 2024 in the U.S. and there’s also an estimated 10 planned store closings this year. The company has 491 stores in the U.S. as of July 5, 2024.
- Alimentation Couche-Tard, a convenience store chain, closed 43 stores in the U.S. in its fourth quarter, ending April 28, 2024.
- Walgreens plans to close "a significant number" of stores in the next three years. The drug store operates over 8,000 stores in the US as of July 5, 2024.
This story was reported from Washington, D.C. Editor's note: This version of the story has been updated with corrected details about L.L.Bean's planned store openings.