2023 sees a record-high 6,189 US retail store closures, surpassing 2022's closures, driven by inflation, interest rates, and competition.

In 2023, major U.S. retailers, including Family Dollar and Walgreens, have announced 6,189 store closures, exceeding last year's total of 5,553. This marks the highest closure rate since 2020, driven by higher prices, rising interest rates, and increased competition from giants like Amazon and Walmart. Consumers are cutting back on discretionary spending, leading to a challenging environment for smaller chains and a notable rise in bankruptcies within the retail and restaurant sectors.