BIDENOMICS: Retail Store Closures Increase by 24% in a Single Year

But don’t worry, the Democrats insist we are doing great!

Any American who voted for this is insane.

Just the News: More companies are declaring bankruptcy and shutting down operations, citing inflation and high costs. Inflation and the economy remains a top issue among all voters, according to a recent The Center Square Voters’ Voice Poll. Retailers are closing nearly 3,200 stores this year, according to a recent analysis from CoreSight Research. The closures are a 24% increase from 2023. U.S. drug stores and pharmacy closures led to 8 million square feet of shuttered retail space this year, the research company said. It also notes that retailers are losing inventory and customers due to retail theft. “Retail shrink” is closely connected to “organized retail crime,” it notes (Just the News).

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CBS: Blame changing consumer habits, as well as retailers’ management struggles and bankruptcies, with the latter impacting companies including Rite Aid and Rue21. The largest number of store closures stems from Dollar Tree’s announcement earlier this year that it plans to close more than 600 Family Dollar locations in 2024, with the discount store citing the impact of inflation on its customers as well as an increase in shoplifting (CBS).

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California’s recently-enacted $20 minimum wage has claimed another victim, as Hollywood Arby's closes after 55 years. This is just one of many recent casualties in the fast food industry. Many stores closing & jobs lost. Sad and unnecessary. https://t.co/UjVpqzJRo8

— Roy Parret (@RoyParret) June 21, 2024

CA Gov. Newsom Disputes Reporting of Fast-Food Jobs. According to the Post, ten-thousand jobs have been cut in the industry since California instituted a 20-dollar-per-hour minimum wage. https://t.co/17UaCClttQ

— 790 KABC (@KABCRadio) June 20, 2024

COLLAPSE: Fast Food Chains CLOSE DOWN By The THOUSANDS Across the U.S. | Restaurant Industry COOKED https://t.co/6ApgdmCHUh

— Surfdk (@SurfDenmark) June 21, 2024

More companies are declaring bankruptcy and shutting down operations, citing inflation and high costs. Inflation and the economy remains a top issue among all voters, according to a recent The Center Square Voters’ Voice Poll.

Retailers are closing nearly 3,200 stores this year, according to a recent analysis from CoreSight Research. The closures are a 24% increase from 2023.

U.S. drug stores and pharmacy closures led to 8 million square feet of shuttered retail space this year, the research company said. It also notes that retailers are losing inventory and customers due to retail theft. “Retail shrink” is closely connected to “organized retail crime,” it notes.

Out of the 3,200 being closed, the majority are being closed by roughly 30 retailers, with Family Dollar closing the most of over 600, according to the data, CBS News reported.

Tupperware is the latest to announce it’s permanently closing its last operating production plant in the U.S. in Hemingway, South Carolina. All of its 148 workers will be laid off, the first in September, followed by others in waves through next January. Tupperware announced its plans last week, stating it would continue to produce its products in a plant in Lerma, Mexico.