An Insider tally of announcements by major retailers in 2023 finds at least 875 stores set to close during the year across the US.
The rationales are varied: some companies are navigating bankruptcy proceedings, while others say they are aiming to cut costs. A few are adjusting store formats to meet changing shopping trends.
Leading the list is housewares giant Bed Bath & Beyond, which once owned more than 1,500 stores across three brands, but is now aiming to end the year with just 480 locations across two brands.
Although the olfactory factory is in fact expanding its retail footprint this year with 90 new standalone stores and 25 remodels, it told investors the move will involve the closure of about 50 of its mall-based stores. Bath & Body Works' net gain comes as a loss for US malls that are seeing an exodus of legacy tenants.
Party City: 22 stores
12 locations are currently up for auction, while another 10 will close in February as the company navigates bankruptcy.
Best Buy: 20 stores
The electronics giant said it plans to close 20 to 30 of its large-format stores as it opens eight smaller concepts and 10 outlet locations, without specifying where these openings or closures would occur. The company typically closes 15 to 20 large stores per year as leases are reviewed.
The luxury consignment marketplace is shuttering four stores and two consignment offices across the US to cut approximately $2 million costs.
Macy's: 4 stores
Macy's will close four stores during the first quarter in shopping malls in California, Colorado, Hawaii, and Maryland, as part of its three-year plan to close 125 locations.