Exploring Store Closure Patterns: Department and Grocery Stores in 2020

Key Insights:

In 2024, the retail landscape witnessed significant upheaval, with 563 closures affecting 40 department and grocery store brands. Leading the pack in closures was 7-Eleven, with a staggering 187 stores shutting down during the year. New York emerged as the hardest-hit state, with 59 closures, followed closely by New Jersey, Florida, and California. Cook County, Illinois, bore the brunt at the county level, experiencing 15 closures. Notably, New York, New Jersey, Florida, and California collectively accounted for 23% of all closures in this sector during 2024.

Trends in Department and Grocery Store Closures

The animated bar chart depicts the trajectory of store closures throughout 2024, focusing on different grocery store brands. Initially, Save A Lot consistently led in closures, but in September, 7-Eleven surged ahead and ultimately claimed the title for the most closures in 2024.

Among the grocery stores experiencing the highest closures, 7-Eleven topped the list with 187 closures. Save A Lot followed closely with 90 closures, while Macy's reported 36 closures. This data underscores the significant impact of closures within the grocery retail sector over the year. These insights from scraping grocery data shed light on the shifting dynamics and challenges faced by various store brands, reflecting broader trends in consumer behavior and economic conditions during 2024.

The bar chart illustrates the prominent store brands that experienced the highest number of closures throughout 2024.

Even before the onset of the coronavirus pandemic, American retailers were grappling with challenging circumstances. However, the pandemic exacerbated these difficulties, particularly for traditional brick-and-mortar stores. Retailers reduce their physical footprint as consumer behavior shifts towards online shopping. Macy's, for instance, initiated significant downsizing efforts, mainly targeting underperforming stores within struggling malls. Additionally, Nordstrom's decision to seek Chapter 11 Bankruptcy protection in May 2024 led to the closure of several full-line department stores. Moreover, chains like Kroger have also opted to shut down stores as a preemptive measure against impending pay mandates, which would inevitably escalate labor costs. These strategic maneuvers reflect the evolving landscape of retail, heavily influenced by changing consumer preferences and economic dynamics.