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Take a peek at these retail store closures for 2023 – including Bed Bath & Beyond, CVS, The Children's Place, Joann, Macy's, and more!
Retail Store Closures in 2023
Could this be the end of retail shopping as we know it?? Possibly. Since the start of the pandemic, many retailers have been struggling – and now with a possible recession looming and the increased cost of goods, they're forced to make changes. And, unfortunately, that often means closing doors at some of your favorite locations.
Wondering which retailers are closing stores in 2023 – and how many? Keep reading.
1. CVS Pharmacy – 300 Stores
In November 2021, CVS announced that the company will close approximately 900 stores over the next three years (that's 300 per year) to ensure it has the right stores in the right locations for consumers and for the business. The 900 store closures makes up for approximately 10% of it's footprint.
2. Bed Bath & Beyond – 150 Stores
In a recent fiscal report, the President and CEO of Bed Bath & Beyond mentioned that they are on track to achieve their 150 store closures by the end of fiscal year 2022 (that's June 30, 2023). You can see a list of currently updated store closures here.
3. GAP Inc. – 74 Stores
In October 2020, GAP Inc. shared here that they plan to close approximately 350 of GAP and Banana Republic stores across North America by the end of 2023. Since fiscal year 2020, around 276 stores have been closed (according to their store closure list here), which leaves around 74 more stores to close this year.
4. Sephora Inside JCPenney – All Locations
If you're used to seeing Sephora inside your JCPenney, you'll have to head to a freestanding store or Kohl's instead. JCPenney Beauty Shops are now taking over in 300 stores and will be in another 300 JCPenney locations by Spring 2023. JCPenney Beauty is available now on JCPenney.com.
(In 2020 and 2021, JCPenney closed 175 retail locations, but we haven't heard of any new closures for 2023. The brand continues to operate 650+ stores across the U.S. and Puerto Rico.)
5. The Children's Place – 50 Stores
Consistent with their store fleet optimization initiative, The Children's Place has permanently closed 541 stores since 2013. And now, according to a Q3 press release, this children's clothing retailer is planning to close between 40 to 50 stores this year.
6. Joann – 8 Stores
This arts & crafts chain is expected to close eight out of its 800+ stores throughout the country over the next few months, as part of a standard physical store process.
7. Macy's – 4 Stores
In 2020, Macy's announced a plan to close 125 stores over the next three years. While store closures have happened every year since then, Macy's plans to close at least four stores nationwide during the first quarter of 2023. These stores are located in shopping malls in California, Colorado, Hawaii, and Maryland. More store closures may take place in 2023.
Other Stores That May Be Struggling…
Here are a few stores that may be heading towards bankruptcy or store closures:
- Party City
- Rite Aid Pharmacy
- Tuesday Morning
- GameStop
- Mattress Firm
Have you noticed any store closures near you? Let us know!
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