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The United States is bracing for a mass exodus of retail stores across the country this year, with more than 800 big box locations closing from California to NY.
Among the iconic names that announced they are cutting back are Bed Bath & Beyond, Walmart, Gap and Party City.
At least 803 stores are set to close for the remainder of 2023, with many forced into desperate cost-cutting measures amid rampant inflation and declining bottom line.
The move comes as numerous industries continue to struggle, including the Silicon Valley ‘tech wreck’, which has led to more than 70,000 job losses in recent months.
Home goods giant Bed Bath & Beyond plans to close 416 of its stores this year as the struggling retailer struggles to stay afloat
Tuesday Morning is planning the second-most stores in the nation this year, closing more than half its location as it battles bankruptcy.
Topping the list of brands closing their stores is home goods giant Bed Bath & Beyond.
The retailer once owned more than 1,500 stores across the United States, but a recent purge has seen it end the year with just 480.
The company has suffered a tumultuous few months leading up to its latest decision, including massive losses, the death of its chief executive and an activist investor selling a large stake in the company.
At least 416 of its US stores have been identified as closing, while each of its 65 stores in Canada will also close.
Despite owning 953 North American locations just a year ago, by the end of 2023 there will only be 360 Bed Bath & Beyond flagship stores in America along with 120 Buybuy Baby locations.
The state that will be most affected is California, where 35 stores will close, while Florida will lose 21, New York will lose 23 and Illinois will lose 18.
Second on the list of stores looking to close is Tuesday Morning, which is closing more than half its locations in a desperate move to survive bankruptcy.
The home goods company is closing 265 stores as it struggles to survive, marking its second wave of store closings in three years.
Its massive shakeup comes as the chain filed for Chapter 11 bankruptcy this month, meaning it is now forced to close its least profitable stores.
These have fallen mainly in California, where 30 stores will close, Florida, which will lose 23, and Texas, which will lose 19.
Other states that will see large closures include Virginia with 10, Georgia with 12 and Colorado with 14.
Many of America’s biggest retail brands plan to close stores this year, including Walmart, which will close locations in Illinois, Wisconsin, New Mexico, Florida and Arkansas.
At least 803 retail stores are set to close for the rest of 2023 amid rampant inflation and a declining economic outlook
The iconic Macy’s department store is also among those to announce closures for this year, as it will close four stores in California, Colorado, Hawaii and Maryland.
Party City stores continue to announce closures as industry fights hit America’s big retailers.
Up to 74 Gap stores are also expected to close in 2023, after the parent company closed four of its Banana Republic stores this year.
The mass closures come after the company announced two years ago that it would close approximately 350 stores by the end of 2023.
And while most of the damage has already been done after 276 stores have closed since the announcement, 74 remain poised to be cut.
While the company doesn’t have a precise list of where the closures would come from, if it has closed stores in the past two years, California will be hardest hit, having lost 30 stores.
Meanwhile, Party City is also expected to shrink, with 12 locations currently up for auction across the country.
The store is another big brand facing bankruptcy, with another 10 stores closing throughout February as the company navigates its bid to stay afloat.
The state that will lose the most Party City locations is New York with five, closely followed by Michigan with four.
Also on the list are West Virginia, Missouri and Georgia with two each, while Iowa, Illinois, Louisiana, New Jersey, Oklahoma, Oregon and Texas are losing one.
Walmart is among the highest-profile brands also looking to reduce their presence on the high street this year.
The iconic retailer is closing five big box stores and the last two remaining locations for pickup only, citing low revenue.
Walmart’s closures come after the store routinely closes a handful of stores across the country each year, with the states chosen for this year including Illinois, Wisconsin, New Mexico, Florida and Arkansas.
Big Lots is also closing seven stores this year, and the discount chain is looking to target small towns and steer clear of urban areas.
California will see three locations closed, while Colorado will lose four.
Mall staple Macy’s will close four stores in the first quarter of 2023, with malls in California, Colorado, Hawaii and Maryland losing.
The closures are part of Macy’s three-year plan to close 125 locations.
Another store closing a handful of locations includes The RealReal, which will close four stores and two consignment offices across the country as it seeks to cut $2 million in costs.
And after closing more than 150 stores since 2020, JCPenney also plans to close its Oswego, New York, and Elkhart, Indiana locations this year.
Rounding out the list is Amazon, which has announced that it will close several of its Fresh and Go grocery stores.
The online retail giant is also pausing its planned expansion as it reassesses its in-store strategy, with many of the biggest US brands also struggling to cope with a downturn in the economy.