Illinois Store Closings Are Up 25%: Here’s Who’s Closing For Good

Unfortunately, during the pandemic, we got used to saying "it's been a rough year." Now that we're well past that awful time, we're still hearing that phrase, and a lot of the time it's coming from store owners and companies.

The news over the past couple of years has been chock-full of stories about massive layoffs, sudden closures of stores, and bankruptcy announcements, with Red Lobster in particular being in a very bright spotlight over their financial difficulties in the last two months.

Store closures have been happening more this year than last year, here in Illinois and throughout the United States, and it doesn't look like the cycle is anywhere near being finished.

The Retail Industry Is Still Trying To Navigate Their Way Through Inflation, Bankruptcies, And The Overall Shift In People's Shopping Habits, As More Customers Do Their Shopping Online

Coresight Research, a company that provides data-driven research and thought leadership for retail companies, says that their research shows that there's been a 24% increase in store closures across the country over last year.

And, as you've probably noticed, there are some long-standing companies, especially those who've occupied space in malls, that are closing and/or moving some or all of their operations out of a mall setting like Macy's, several apparel stores, and discount drug stores are doing.

Family Dollar Stores Are Closing The Most Locations Of Anyone...At Least For Right Now, Anyway

Family Dollar has only closed two Illinois locations, but they're calling it quits at 618 other locations around the country. We've also seen clothing store Rue 21 announce in May that as part of their bankruptcy agreements they would be shutting down all 543 of their locations. 20 of their stores have been closed in Illinois.

All Illinois locations of of Express have closed, and while the number isn't clear, there are several Illinois Macy's stores that are facing closure or relocation.

The Stores Mentioned Above Are Only A Small Example Of The Permanent Closures And Reorganizations Going On In 2024

According to the Coresight Research report, here's what we've seen happen with closings this year. The number of stores closing is in parentheses:

• Family Dollar (620)
• Rue21 (543)
• 99 Cents Only Stores (371)
• CVS Health (315)
• 7-Eleven (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)
• Signet Jewelers (14)
• Big Lots (13)
• Ashley (13)
• Dollar General (12)
• Best Buy (9)