Biden’s Retail Bloodbath Worsens As Thousands Of Stores Close In 2024

The retail apocalypse of 2023 has continued in 2024, with thousands of stores across the United States set to shut their doors. Under President Joe Biden’s administration, the economic strain on the retail sector has only deepened, leading to a retail bloodbath.

Major retailers, including Macy’s, Walgreens, CVS, Family Dollar, Walmart, and 7-Eleven, have announced significant closures. A staggering 2,599 store closures are planned for this year, marking a 2.5% increase from the same period last year, according to the DailyMail. The closures reflect the persistent struggles brick-and-mortar stores face amid rising costs and shifting consumer habits.

Family Dollar and the bankrupt 99 Cents Only stores are among the hardest hit, with discount retailers particularly vulnerable in the current economic climate. The discount sector, often seen as a lifeline for low-income families, is reeling from the losses. The 99 Cents Only chain’s bankruptcy has already led to the planned shuttering of numerous stores, though a recent acquisition by Dollar Tree has saved 170 locations from closure.

Waterford, Pennsylvania, USA August 1, 2023 Two storefronts together, a Family Dollar and a Dollar Tree in a strip mall on a sunny summer day

Retail experts point to a variety of factors contributing to the closures, including increased competition from online retailers, rising operating costs, and changing consumer preferences. However, the Biden administration’s economic policies have exacerbated the situation, creating an environment where traditional retailers struggle to survive. The planned closures represent lost jobs, deserted shopping centers, and communities grappling with reduced access to essential goods and services. For many Americans, the closure of the stores is a reminder of the challenges facing the retail sector and the economy.

“A lot of this year’s closures are related to bankruptcies of chains that have been in trouble for a while, like Rite Aid and Rue21,” Neil Saunders, managing director of GlobalData, said to CBS. “We’re also seeing several retailers, like Family Dollar, take action to weed out underperforming locations.”

This year has already seen nearly 3,200 retail store closures, a 24% increase from last year, as reported by CoreSight, a firm that monitors retail activity in the U.S. In contrast, store openings are down by 4%, with many major chains holding back on expansion plans.

New Hartford, New York – Nov 23, 2023: Rite Aid Pharmacy storefront, is a well-known American pharmacy chain that provides a range of health and wellness products with over 2500 locations nationwide.

Driving these closures are several factors, including shifts in consumer behavior, management difficulties, and a spate of bankruptcies affecting companies like Rite Aid and Rue21. Notably, Dollar Tree announced the closure of over 600 Family Dollar stores, attributing the decision to inflationary pressures on shoppers and a rise in shoplifting incidents. While some retailers are still planning to open new locations, the overall trend points to a more cautious approach in the industry.

Amid the highest inflation rates seen in decades, many consumers have felt the financial squeeze. “Persistent inflation and reduced government benefits continue to pressure the lower-income consumers that comprise a sizable portion of Family Dollar’s” customer base, CEO Rick Dreiling said on a Wednesday call.

As the retail landscape continues to evolve, the impact of some closures could be felt across the country.