- More than a dozen major retailers are expected to close at least 800 US stores in 2023.
- Amazon, Bath & Body Works, Macy's, Walmart, and Big Lots are among the chains shutting down stores.
- Bed Bath & Beyond is planning to close 416 locations — the most of any retailers on the list.
It's not quite the retail apocalypse of prior years, but it's a shakeup nonetheless.
An Insider tally of announcements by major retailers in 2023 finds at least 856 stores set to close during the year across the US.
The rationales are varied: some companies are navigating bankruptcy proceedings, while others say they are aiming to cut costs. A few are adjusting store formats to meet changing shopping trends.
Leading the list is housewares giant Bed Bath & Beyond, which once owned more than 1,500 stores across three brands, but is now aiming to end the year with just 480 locations across two brands.
See the full list:
Bed Bath & Beyond: 416 stores
416 Bed Bath & Beyond-owned stores in the US have been identified as set to close amid ongoing financial turmoil. (It has also filed to shutter all of its 65 stores in Canada.) The company, which had 953 North American stores just over a year ago, says it is aiming for a final count of 360 flagship stores and 120 Buybuy Baby locations.
Tuesday Morning: 265 stores
The Dallas-based home goods company is shuttering more than half of its stores as it reorganizes amid bankruptcy proceedings.
Bath & Body Works: 50 stores
Although the olfactory factory is in fact expanding its retail footprint this year with 90 new standalone stores and 25 remodels, it told investors the move will involve the closure of about 50 of its mall-based stores. Bath & Body Works' net gain comes as a loss for US malls that are seeing an exodus of legacy tenants.
Gap and Banana Republic: 46 stores
Four Banana Republic stores have already closed this year, two years after parent company Gap said it would close approximately 350 Gap and Banana Republic stores by the end of 2023. The company reported in fourth-quarter earnings that it had 912 locations at the end of 2022 and would end 2023 with approximately 866.
Party City: 22 stores
12 locations are currently up for auction, while another 10 will close in February as the company navigates bankruptcy.
Best Buy: 20 stores
The electronics giant said it plans to close 20 to 30 of its large-format stores as it opens eight smaller concepts and 10 outlet locations, without specifying where these openings or closures would occur. The company typically closes 15 to 20 large stores per year as leases are reviewed.
Walmart: 10 stores
The big box retailer is shuttering eight stores across five states and DC, as well as both of its remaining pickup-only concepts, citing poor performance. The closures follow a trend of Walmart closing a handful of stores across various states each year.
Amazon: at least 8 stores
Amazon confirmed on March 3 that it would close eight of its Go locations — two in New York, two in Seattle, and four in San Francisco — a month after it said would close an unspecified number of Fresh grocery and Go convenience stores, and will pause its planned expansion while the company reevaluates its physical store strategy.
Big Lots: 7 stores
The discount chain is shutting down three stores in California and four in Colorado as the retailer moves toward small towns and away from urban areas.
The RealReal: 6 stores
The luxury consignment marketplace is shuttering four stores and two consignment offices across the US to cut approximately $2 million costs.
Macy's will close four stores during the first quarter in shopping malls in California, Colorado, Hawaii, and Maryland, as part of its three-year plan to close 125 locations.
JCPenney: 2 stores
JCPenney locations in Oswego, New York and Elkhart, Indiana will close this year following the wind-down of over 150 stores since 2020.
