US retailers confirm another 169 store closures in just one week – among them Urban Outfitters, Walmart and a premium grocery chain
US retailers confirmed another 169 closures last week, bringing the total so far this year to almost 2,600.
Stores that announced location closures included Express, Outfox Hospitality, Shop ‘n Save, Urban Outfitters and Walmart.
Physical stores in shopping malls, strip centers, city centers and on the main streets of cities are threatened by online stores and changing tastes.
“To date in 2024, major U.S. retailers have announced 7.4 percent fewer openings and 12.3 percent more closings compared to the same time last year,” read a report from Coresight Research on closures announced in the week ending 26 April. The full list is below.
US retailers confirmed another 169 closures in just one week. Walmart said it would close its Neighborhood Market store in Milwaukee, Wisconsin
The total of 2,587 closures in the first 17 weeks of the year is almost 300 more than at the same time last year, but a thousand fewer than the number of openings.
Walmart plans to close a Neighborhood Market store in Milwaukee, Wisconsin on May 17.
Walmart Neighborhood Markets are smaller versions of traditional Walmart stores, but have largely failed and the retailer closed several last year.
“Typically, retailers go with big boxes when they try to go small with city stores, but that usually doesn’t work,” said Alexander Milovic, a professor of marketing at Marquette University. told local station TMJ4. ‘Such a supermarket has smaller profit margins.’
Discount grocery chain Shop ‘n Save also announced it would close one store in Pittsburgh, Pennsylvania, on May 13, the report said.
Last week, cafe and deli chains Foxtrot and Dom’s Kitchen & Market — both operated by Outfox Hospitality — abruptly closed all of their stores in multiple states.
The closures affected 33 Foxtrots and two Dom’s Grocery Stores in Chicago, Austin and the Washington DC area.
“We have explored many options to continue the business, but despite good faith and exhaustive efforts, have not found a viable option,” the company said in a statement. message on its website.
Founded in 2014, Foxtrot Market started as an upscale neighborhood grocery store. The shops have a coffee bar and seating for guests, which turned into a wine bar in the evening. The retailer also tried to juggle retail sales.
Fashion retailer Express filed for bankruptcy last week, saying it planned to close more than 100 stores.
The retailer, whose portfolio of brands also includes Bonobos and UpWest, lists assets and liabilities between $1 billion and $10 billion, according to a filing in Delaware bankruptcy court.
As part of the bankruptcy process, the company said it would close approximately 95 Express stores and all 12 of its UpWest stores.
Foxtrot Market was founded in Chicago in 2014 as an upscale neighborhood grocery store
The total of 2,587 closures in the first 17 weeks of the year is 12.3 percent more than planned around the same time last year
An Urban Outfitters store in Brooklyn’s trendy Williamsburg neighborhood closed this month
Launched in 1980, Express was once a destination for well-priced office wear but has struggled with weak consumer demand due to slowing spending and increased price sensitivity.
UpWest, the company’s lifestyle spin-off brand, launched in 2019, selling casual wear and sleepwear for men and women.
Clothing retailer Urban Outfitters is said to have planned the closure of another seven stores, according to Coresight.
Local outlet Brooklyn Paper reported this month that Urban Outfitters closed its store in Brooklyn’s trendy Williamsburg neighborhood.