Retail chains are closing thousands of stores this year, nearly a quarter more than by this time last year, a new survey shows.
Companies are announcing the closures of almost 3,200 brick-and-mortar stores so far in 2024, according to a recent analysis from CoreSight Research, which tracks store closures and openings.
This is a 24% increase from a year ago, according to the report.
Major retail chains have announced about 4% fewer store openings compared to this time last year as well.
The stores cite multiple factors, including bankruptcies, inflation, and shoplifting, all of which lead to the prohibitive costs of keeping the stores open. Organized retail theft rings have become an urgent problem for both retail chains and small businesses in some areas.
Another factor is customers opting to shop online at places like Amazon rather than in person, a trend that has driven down store…
