Retail Closures Signal Major Shift in Brick-and-Mortar Trends
Salt Lake City, UT — Retail store closures accelerated in 2024 with the trend set to continue in 2025, reflecting a major shift in how brands approach their physical footprint. Mountain West Commercial Real Estate (MWCRE), a full-service commercial real estate brokerage, released new data indicating that U.S. store closures trended 32.7% higher in 2024 compared to 2023.
Key Highlights:
- U.S. retail store closures were up 32.7% from 2023 to 2024.
- Family Dollar and CVS lead in 2024 U.S. closures.
- E-commerce has had a profound impact on brick-and-mortar retailers, with a 153.8% increase in retail sales from 2018 to 2024.
Rising costs and evolving consumer behavior are prompting even well-established retailers to close underperforming stores and focus on digital channels and higher-performing locations.
“Retailers are taking a more strategic approach,” said MWCRE agent Garrett Blomquist. “Streamlining operations and rebalancing their portfolios to align with long-term growth and profitability goals”.
Despite a record number of closures, vacancy has remained stable, particularly in the Intermountain West. In 2024, only 0.8% of the region’s retail inventory was vacated due to store closures, with the region maintaining a steady vacancy rate of 3.8%.
About Mountain West Commercial Real Estate
Mountain West Commercial Real Estate is a full-service commercial real estate firm specializing in Brokerage, Property Management, Development Services, and Capital Markets. With a team of experienced professionals, Mountain West Commercial Real Estate delivers personalized solutions to clients across the Western United States.
MWCRE Media Contact:
Jerad Giottonini
(385) 501-2928
jgiottonini@mwcre.com