Another discount retailer is now pending an unexpected closure in North Carolina with bosses already starting to clear its stock.
The Mighty Dollar store in Hickory is closing on July 1, per The Hickory Daily Record.
Bosses have said they were unable to agree a new lease, reports The-Sun.
But the chain isn’t leaving North Carolina for good.
Mighty Dollar has a presence in Forest City, Gastonia, Boiling Springs, Kannapolis, Morganton, Shelby, and Thomasville.
But bosses have given some hope to shoppers as they are exploring the possibility of opening a new outlet in Hickory.
News of the closure has left fans devastated.
“We were just there yesterday,” one shopper mourned.
“Dang!!! This store is the best,” another lamented.
“So sad!! This was the best store to hit up for my whole childhood and teen years,” a third shopper cried.
Regular Mighty Dollar shoppers reminisced on their memories of the store where they grabbed a bargain.
One customer claimed they walked through the store in tears after hearing about the closure.
Some posted online that the shelves inside had already started to look bare.
Fans have called on the discount chain to reconsider the decision to shut the store.
But the retailer is not the only discount chain to suffer store closures.
Last month, a Dollar Tree store in northwest Boise, Idaho, closed for good in a move that devastated shoppers.
The budget-friendly store had been a staple in the local area for more than three decades.
Dollar Tree chiefs revealed that 600 Family Dollar outlets will close.
Chiefs have warned that another 370 Family Dollar outlets are also set to shutter.
And 30 Dollar Tree stores will be permanently closing over the coming years.
Chiefs identified inflation and a change in shoppers’ behavior as factors that influenced the closures.
Retail experts have warned about the impact the slew of closures could have on neighborhoods.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
A whopping 3,000 retail stores will now close this year after popular clothing brands Rue21 and and Express announced their closures.
The list now grows to approximately 3,100 stores shutting down by the end of this year, per The-Sun.
And this number figure is expected to grow as more businesses announce closures throughout the remainder of the year.
Rue 21 recently announced bankruptcy and a plan to close all 540 remaining stores across the US in the next six weeks.
Express also announced plans on closing over 100 stores across the US in addition to a store closure in Central New York.
If the rising rate of retailers closing down stores continues, an estimated 8,000 locations will be closed by the end of the year.
That many closures would be 40% more than the US saw last year.
In 2023, over 4,000 retailers shut down stores, which was twice the amount of store closures from 2022, according to the National Retail Federation.
2023 also saw the closing of hundreds of Bed, Bath and Beyond stores after the major retailer filed for bankruptcy.
The retailer cited inflation as the primary reason for shutting down its in person stores, moving to an online only format.
The inflation rates from January 2023 to January 2024 increased by 3.1%, with food prices rising by 2.6%, as reported by the Bureau of Labor Statistics.
In response to the rising rate of inflation, many stores are raising prices or risk closing.
One Canadian supermarket, Loblaws, raised its food prices so dramatically that customers are staging a boycott for the whole month of May.
The Dollar Tree, a retailer known for everything in its stores being $1 or less, announced that it will be raising prices on certain items to as high as $7.
“This year, across 3,000 stores, we expect to expand our multi-price assortment by over 300 items at price points ranging from $1.50 to $7,” the company’s CEO, Rick Dreiling, said during an earnings call.
The last time the discount chain announced a price hike was in 2021 when prices on select items went from $1 to $1.25.
Aside from raising its prices, Dreiling also announced that over 1000 stores will most likely be closing in 2024.
Other major retailers such as Walgreens, Walmart, and JCPenney announced major closures this year.
Walmart announced store closures in California, Ohio, and Maryland–totaling to six closures so far this year.
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