These California Retailers Are Closing Locations In 2023 (2024)

FAQs

Why are retail stores closing in California? ›

While underperformance is usually the main reason that companies cut locations in California, safety has sometimes played a factor. Both Denny's and In-N-Out Burger said that issues like break-ins, property damage, theft and robberies played a role in their decision to close California locations.

At least 20 major retailers have said they're closing US stores in 2023, amounting to 2,847 locations. Rite Aid is the latest chain planning to close stores, joining a list that includes Amazon and Walmart. Bed Bath & Beyond closed 896 locations amid bankruptcy — the most of any retailer on the list.

More companies announce bankruptcies and closures, citing inflation as almost 3,200 stores face shuttering in 2024: poll. More companies are declaring bankruptcy and shutting down operations, citing inflation and high costs.

Earlier this year, Walmart shuttered four stores in California, one in Maryland, and one in Ohio. In each case, the company said the stores were not meeting financial performance expectations.

Between March 2020 and March 2021, 180,829 California establishments opened and 171,061 closed, for a net increase of 9,768.

Every year Walmart closes locations across the United States that fail to make a profit. So is the case in 2023 with 23 stores across thirteen states.

A spokesperson for Walgreens said, "When faced with the difficult decision to close a location, several factors are taken into account, including our existing footprint of stores, dynamics of the local market, and changes in the buying habits of our patients and customers, among other reasons.

The retail industry is going through a tough time as it copes with inflation-weary consumers and a rash of bankruptcies, prompting chains to announce the closures of almost 3,200 brick-and-mortar stores so far in 2024, according to a new analysis.

Best Buy has announced the closure of 24 stores in 2024 and another 10 to 15 by next year. According to KABC, Best Buy announced in a recent earnings call that it will close 24 stores in the current fiscal year and will close another 10 to 15 in the 2025 fiscal year.

What's going on with Best Buy? ›

(WKBN) — Best Buy is looking to close some stores this year and work to offer a smaller experience for customers in some markets. The company is looking to close 10 to 15 stores, following the closing of 24 stores last year, CFO Matthew Bilunas said during a fourth-quarter earnings call with investors last month.

There are 1,051 Best Buy stores in the United States as of May 21, 2024.

In the US, only about 11% of commerce was ecommerce last year. So brick & mortar stores are still very much alive. What we're finding where I work (in retail customer insights) is that physical retail is not dying, but boring physical retail is.

Ross, which has set a long-term target of at least 2,900 Ross Dress for Less and 700 DDs Discounts, will continue its store growth in 2024.

A lot of small businesses have been closing down because of their inability to compete with large shopping malls. Most people say they prefer a large shopping centre rather than a local shop. I believe that the biggest shopping malls can give convenient for local people and also the way to improve t...

Tuesday Morning, the home goods retailer, is finishing up the process of closing all its stores not just in California but also nationwide.

When competing business entities open shop next to close to each other, it is called clustering. And this concept of clustering is explained using "Hotelling's Model of Spatial Competition.” According to this model, all businesses want to be present in a location or area that is a prime attraction for customers.

Express, a multi-brand fashion retailer whose portfolio includes Express Express 0.0% , Bonobos, and UpWest, has filed for Chapter 11 bankruptcy and intends to close more than 100 stores. The move, according to the company, is to better position Express for stronger growth in the future.