The state of Florida is now facing massive retail chain closures according to a new report provided by CoreSight, signifying a distressed industry.
Retail data provider CoreSight noted a 24% increase in store closures over last year in the state of Florida.
Some 3,200 brick-and-mortar stores, including many in Florida, have closed so far this year, and more are expected to close through the remainder of the year, according to a new analysis.
Retail data provider CoreSight noted a 24 percent increase in store closures over last year as the retail industry adjusts to a shift in consumer shopping to online outlets, inflation and bankruptcies.
The 30 stores closing some or all of their locations range from anchor stores such as Macy’s and other mall apparel stores to drugstores and discount stores selling items for around $1.
“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, told CBS MoneyWatch.
“We’re also seeing several retailers, like Family Dollar, take action to weed out underperforming locations.”
Family Dollar led the retail reshuffling by closing 620 stores, including at least one in Florida.
The list of closures also includes traditional mall stores, including clothing retailer Rue21, which announced in May it would close all 543 of its stores as part of its Chapter 11 bankruptcy proceedings. That includes all of the casual women’s and men’s apparel chain’s stores in Florida.
Other stores that have closed in Florida include 23 Walmart Health Centers and five Express stores.
Which retailers have closed in Florida?
According to CoreSight, here are retail closures so far in 2024:
- Family Dollar (620)
- Rue21 (543)
- 99 Cents Only Stores (371)
- CVS Health (315)
- 7-Elevan (272)
- Rite Aid (165)
- Express (105)
- Walgreens Boots Alliance (77)
- Macy’s (51)
- The Body Shop (51)
- Soft Surroundings (43)
- Sam Ash Music (42)
- Sleep Number (40)
- Burlington Stores (39)
- Foot Locker (36)
- Foxtrot/Dom’s Kitchen & Market (35)
- Carter’s (30)
- Abercrombie & Fitch Co. (22)
- Outdoor Voices (16)
- Signet Jewelers (14)
- Big Lots (13)
- Ashley (13)
- Dollar General (12)
- H&M (10)
- Allbirds (10)
- American Freight (10)
- Best Buy (9)
- Mainline Pharmacy (9)
- Alimentation Couche-Tard (9)
- Ross Stores (9)
Consumer spending remains solid, rising 0.2 percent in April, according to the latest available government data.
However, confidence may be declining, according to the University of Michigan’s Surveys of Consumer sentiment.
The consumer confidence dropped to 69.1 in May, down from 77.2 in April.
Jeffrey Roach, LPL Financial’s chief economist, told CBS news that “uncertainty about the inflation path could suppress consumer spending in the coming months.”
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
Also Read: Retirees Will Now Receive More Money For Social Security
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