Giant Retailer Stores Closing This Year

Giant retailers are kicking off the new year with store closures. Store closures are standard practice among traditional retailers who often evaluate the profitability of each location. In this round of closures, however, more retailers are taking the digital experience into consideration as well as the location and appropriate size of their stores. This signals how retailers are adapting their fleets to match how people prefer to shop and where.

Bed Bath & Beyond Closing 150 Stores

Bed Bath & Beyond has announced a new batch of closures which includes 56 stores that were announced in September, plus 62 new Bed Bath & Beyond closures across the US. They also began laying off employees on Tuesday and it’s rumored they will be filing for bankruptcy protection in the coming weeks. 

While Bed Bath & Beyond didn’t reveal when the stores would close, the retailer announced that it’s on track to complete roughly 150 store closures by the end of March. California will lose the most with eight stores, Florida will lose six and Michigan will lose five. Six buybuy Baby and two Harmon stores were also included on the company’s list and liquidation sales are underway.

It may be worth keeping your eye out for a liquidation sale when you’re near an impacted store. However, be smart when shopping liquidation sales, compare prices to competitor stores to make sure you are getting a good deal. The liquidation sale can vary by location and no information on how long it will run.

Macy’s Closing 4 Stores

Macy’s has also announced that it will shutter more stores in 2023 as part of its Polaris transformation strategy, which was first announced in 2020. It will close 4 mall-based stores, in Los Angeles; Fort Collins, Colorado; Oahu, Hawaii; and Gaithersburg, Maryland. A clearance sale will begin in January and run for approximately eight to twelve weeks.

Here’s the store list:

• California Macy’s store closures: Los Angeles: Baldwin Hills Crenshaw Plaza, 4005 Crenshaw Blvd.
• Colorado Macy’s store closures: Fort Collins: Foothills Mall, 215 E Foothills Pkwy.
• Maryland Macy’s store closures: Gaithersburg: Lakeforest Mall, 701 Russell Ave.
• Hawaii Macy’s store closures: Kaneohe: Windward Center, 46-056 Kamehameha Hwy.

Big Lots Closing 7 Stores

Big Lots is also shutting down 7 stores around major cities and opening in smaller towns. The latest closures include stores in urban and suburban parts of California and Colorado. Some of those closures are happening because Big Lots plans to sell the underperforming store sites to increase revenue. Their strategy is going to be increasingly oriented towards these rural small-town stores where the economics are significantly stronger than in the urban stores.