US Store Openings Surpass Closures by 20%, According to Recent Retail Report
In 2024, stores across the United States have been opening more rapidly than they have been closing. A recent report conducted by Coresight Research has shown that so far this year, there have been 4,238 store openings and 3,562 closures, indicating that openings have outpaced store closures by around 20%.
Highlight on the Major Closures and Openings
Couche-Tard’s convenient store chain, Alimentation and Bob’s Stores led the pack in store closures with 43 and 19 closures respectively. NIKE and Watches of Switzerland have also reported one store closure each. However, despite these closures, 34 new store openings have occurred, including new outlets by Alimentation Couche-Tard, Buck Mason, L.L.Bean, and NIKE. Brochu Walker, DeRucci, Fiesta Mart, Framebridge, Kith, and Watches of Switzerland also opened one store each.
The Retail Revival: US Store Opening Statistics
Looking at specific examples, L.L.Bean is planning to open four new outlets across Enfield in Connecticut, Indianapolis in Indiana, Ulster in New York, and Mechanicsburg in Pennsylvania. Once completed, these will elevate the company’s total store count to 60. H&M, the global fashion giant, has opened two stores this year and is projected to open eight more. In contrast, NIKE has opened two stores this year but has also closed one outlet. However, as of July 5, 2024, the sports-item behemoth commands a strong retail presence with a total of 296 stores nationwide.
Meanwhile, Alimentation Couche-Tard has unveiled 22 new stores in Q4, concluding on April 28, 2024. This brings the total of their U.S. stores to 9,273. Supplemented by Buck Mason’s new outlet in Oak Brook, Illinois, which is soon to be followed by new locations in Miami and multiple stores in Nashville, the overall retail landscape appears to be on a rapid upswing. This trend is also echoed by the 33 Buck Mason stores already operating as of July 5, 2024.
The Future of Retail: Entertainment Venues by Netflix
Reflecting an innovative fusion of retail and entertainment, streaming platform Netflix plans to introduce two entertainment venues dubbed as “Netflix House” in 2025. The venues, set to be located in Dallas, Texas, and King of Prussia, Pennsylvania, will feature themed gift shops, restaurants, and a continuous line-up of events.
What Are the US Stores That Are Closing?
However, not all is rosy in the retail sector. Discount clothing and footwear retailer, Bob’s Stores, has filed for Chapter 11 bankruptcy and has so far had to close 24 stores in 2024. Also suffering from the retail downturn, fashion giant H&M has reported closing six stores this year, and plans to close an estimated 10 more. As of July 5, 2024, H&M has a total of 491 stores remaining in operation across the country. Another descending note in retail is struck by the news of Alimentation Couche-Tard’s closure of 43 outlets within Q4 of the fiscal year of 2024, concluding on April 28, 2024.