Bed Bath & Beyond plans to close 896 stores in 2023.Ben Tobin More than a dozen major retailers have said they will close US stores in 2023, a combined total of over 2,100 locations.Amazon, Bath & Body Works, Walmart, and Foot Locker are among the chains shutting down stores.Bed Bath & Beyond is planning to close 896 locations — the most of any retailer on the list.
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Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go.download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy .It’s not exactly the retail apocalypse of prior years , but it’s a shakeup nonetheless.
An Insider tally of announcements by major retailers in 2023 finds as many as 2,119 stores set to close across the US.
The rationales are varied: some companies are navigating bankruptcy proceedings, while others say they are aiming to cut costs.
Several are adjusting store formats to meet changing shopping trends.
Leading the list is Bed Bath & Beyond, which has declared bankruptcy and is set to close 896 stores across three brands this year, followed by Foot Locker, which is shuttering 545 stores across two brands by 2026 as part of a shift away from shopping malls.
See the full list:
Bed Bath & Beyond: 896 stores Ben Tobin Bed Bath & Beyond has filed for bankruptcy, and has begun liquidation sales at all of its remaining stores with a projected final closing date of June 30.
The wind down is expected to affect the 360 flagship stores and 120 Buybuy Baby locations the company previously planned to keep open.
Those stores, plus the 416 US Bed Bath & Beyond, Harmon, and Buybuy Baby stores that were already set to close, bring the total count to 896 locations closing this year.
Foot Locker: 545 stores VIEW press/contributor/Getty Images Foot Locker said Monday that it will close as many as 420 stores by 2026 in shopping malls as part of a plan meant to “reset” the company, as well as 125 Champs Sports locations.It also said it aims to open more than 300 “new concept” stores in the same period, including locations outside of malls.
Tuesday Morning: 487 stores Xinhua News Agency / Contributor/Getty Images The Dallas-based home goods company is shutting down all of its stores a little more than a month after it planned to close more than half of its stores amid bankruptcy proceedings.
Bath & Body Works: 50 stores Johnny Louis/Getty Images 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 Marina Nazario/Business Insider 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.
Walmart: 22 locations The Walmart logo is seen outside a Walmart store in Burbank, California on August 15, 2022 ROBYN BECK/AFP via Getty Images The big box retailer is shuttering 20 stores across 11 states and DC , citing poor performance, as well as both of its remaining pickup-only concepts.The closures follow a trend of Walmart closing a handful of stores across various states each year .
Party City: 31 stores Daysi Calavia-Robertson/Newsday RM via Getty Images After announcing 22 store closures in February, the retailer added another 9 to the closure list in April.
Best Buy: 20 stores Brendan McDermid/Reuters 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.
Amazon: at least 8 stores Amazon Fresh store Reuters/HENRY NICHOLLS 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 Bennett Raglin/AP 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 RealReal, founded in 2011, sells secondhand luxury clothing.Brian Ach/Invision for The RealReal/AP Images The luxury consignment marketplace is shuttering four stores and two consignment offices across the US to cut approximately $2 million costs.
Macy’s: 4 stores REUTERS/Mike Segar 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.
Target: 4 stores Ann Matica/Insider Target will close four locations in three metro areas: two near DC, one in Philadelphia, and one in its hometown of Minneapolis.The company cited declining foot traffic as its primary reason for the closures, and said most store employees would be offered positions at other locations.
It also said no additional closures are planned for 2023, and it will open approximately 20 new stores this year.
JCPenney: 2 stores JCPenney had some more basic security measures.Ben Tobin JCPenney locations in Oswego, New York and Elkhart, Indiana will close this year following the wind-down of over 150 stores since 2020.
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