Retailers across the United States are bracing for a mass exodus this year, with more than 800 big box locations set to close in 2023. Bed Bath & Beyond, Walmart, Gap, and Party City are among the iconic names to announce they are downsizing, as numerous industries struggle with rampant inflation and declining bottom lines.
At least 803 stores are set to be shuttered over the rest of 2023, with Bed Bath & Beyond leading the way. The retailer once owned more than 1,500 stores across America but will end the year at just 480. This includes 416 US stores that have been identified for closure, as well as all 65 stores in Canada.
Tuesday Morning is also closing 265 stores in a desperate move to survive bankruptcy, after filing for Chapter 11. California, Florida, and Texas will be hit the worst, with 30, 23, and 19 stores closing, respectively. Gap is also shutting down 74 stores this year, after announcing two years ago that it would close roughly 350 stores by the end of 2023.
Party City is closing 12 locations across the nation, as well as 10 stores throughout February. New York and Michigan will be the worst affected, with five and four stores closing, respectively. Walmart is also shutting down five big box stores and its last two remaining pickup-only locations, with Illinois, Wisconsin, New Mexico, Florida, and Arkansas the hardest hit.
Big Lots is closing seven stores this year, with California and Colorado the worst affected, with three and four stores closed, respectively. Macy’s is closing four stores in the first quarter of 2023, in California, Colorado, Hawaii, and Maryland, as part of its three-year plan to close 125 locations. JCPenney is also closing two stores in Oswego, New York, and Elkhart, Indiana, after closing over 150 stores since 2020.
Finally, Amazon is closing several of its Fresh Grocery and Go convenience stores, as well as pausing its planned expansion while it reevaluates its in-store strategy.
The closures come as the retail industry continues to grapple with the effects of the Covid-19 pandemic. With many Americans still unable or unwilling to go out and shop, retailers have seen declining foot traffic and revenues. The closure of these stores will no doubt have a significant impact on local economies, as well as the thousands of workers who will be affected.
It remains to be seen whether the retail industry will be able to recover from the mass exodus of stores. For now, however, it is clear that this is a difficult time for retailers across the US, and they will need to adapt and adjust in order to survive.
