Retail Reckoning: Store Closures, Openings & Predictions for 2025
In this episode of Retaili$tic, John Mercer, Head of Global Research at Coresight Research, discusses the significant retail trends and economic factors that drove store openings and closures in 2024. He also outlines Coresight Research's predictions for store changes in 2025, offering insights into the challenges that various sectors are facing, the impacts of inflation and the evolving consumer behavior that is reshaping the retail landscape in both the US and UK markets.
Retailistic · Georgina Smith, Philip Moore, John Mercer
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Show Notes
Takeaways
- Store closures in the US reached 7,400 in 2024, the highest level since 2020.
- Inflation continues to affect consumer spending, particularly among lower-income groups.
- Legacy retailers are reshaping their store footprints to adapt to changing consumer habits.
- The home goods sector faced significant challenges due to a weak housing market.
- Discount stores experienced unusual closures, with major players like Big Lots and Family Dollar closing numerous locations.
- Apparel continues to see store closures as the sector adjusts to market demands.
- Retail drugstores such as Walgreens and CVS are also closing hundreds of stores as they reshape their estates.
- In 2025, US store closures are set to increase further, with early indicators showing a strong start to the year.
- The UK retail market is facing significant challenges, with closures expected to rise in 2025.
- Consumer sentiment in the US remains positive, contrasting with the pessimistic outlook in the UK.
Chapters
00:00 This Week in Research: New Reports and Data
02:52 Store Openings and Closures in 2024
07:19 Sector-Specific Challenges and Trends
10:23 Square Footage and Retail Space Dynamics
12:48 Predictions for 2025: Store Closures and Market Outlook
17:50 Comparative Analysis: US vs. UK Retail Markets
Dive into the full details of store closures and openings in the US and the UK with our comprehensive reports: