Retail Review V1 2024 FINAL - Flipbook - Page 9
And when we take into account consumer spending patterns, the outlook is varied. In昀氀ation has
pinched household budgets, leading to reduced discretionary spending on non-essentials. However,
spending on necessary goods and services as well as experiential categories like dining out have
remained growth drivers.
Weighing these opposing forces, experts agree that nationwide store openings will outpace closures
in 2024. The prevailing narrative is that, through strategic realignment around value, convenience and
experiences, the retail industry is adaptively positioning itself for continued growth despite challenges
on a national basis.
DOLLAR TREE
JOANN FABRICS
MACY’S
Dollar Tree will close 1,000
underperforming Family
Dollar stores in a bid to
boost pro昀椀tability. This is
the biggest US retail closure
so far in 2024, but store
openings are still expected
to exceed closings.
In March 2024, craft store
giant JoAnn Fabrics 昀椀led
for bankruptcy to cut
debt, but still plans to
keep all 815 stores open
despite declining sales and
competition.
In February 2024, Macy’s
announced a major
shakeup: closing 150 stores,
focusing on luxury chains,
and selling properties to
generate capital in excess of
$750 million
