
The 10 Retail Chains that Closed the Most Stores This Year
This year was one of the worst ever for store closures.
As 2024 comes to a close, economists are looking back at the retailers that significantly shrank or went under entirely.
This year, New York saw the end of Sears and KMart, which shuttered their last remaining locations in the state.
Nationwide, chains like LL Flooring and Bob's Stores went completely under and abruptly closed all remaining locations.
Other chains are still limping along despite closing hundreds of stores across the United States. Here's the 10 that shuttered the most in 2024.
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The economic scene looked a little different in Central New York.
While the area lost some of these chains to the ailing economy, a greater sense of loss was felt when a local store had to go out of business.
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While some of these closures were due to retirement, others admittedly couldn't stay afloat due to ongoing issues from the pandemic, supply chain problems, and customers increasingly shifting their dollars to online shopping.
However, the area also lost many restaurants in 2024 for similar reasons.
Food prices skyrocketed in 2024 - so much so that lowering them became a major promise on the presidential campaign trail.
That, alongside inflation and a drop in customers also forced many beloved restaurants to hang up their hats.
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This begs to question: Will 2025 be any better?
The answer is a lot more nuanced than a simple yes or no. In fact, economists are anticipating a rather rocky year due to potential tariffs, trade wars, and stricter immigration policies that could prevent certain workers from entering the country.
Vanguard was among the economists offering a reserved outlook of next year while some like Goldman Sachs offered nothing could be worse than 2024.
In the end, a lot could change after January 1, and that could be for the better or worse depending on what else happens on a global scale.
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