Many companies have had to close many stores due to the harsh environment of 2020. This situation will not get better in the next few years and may even get worse. Here we list 23 companies that will close more stores in 2021.
In 2020, Walmart revealed its plan to close 269 stores globally, including 154 stores in the States. The company also plans to close all its Express locations in February 2021.
Costco finally closed its photo department at all locations on February 14, 2021. The reason for the closure is because the need to print photos has dropped dramatically. However, the other departments will remain open.
3. Office Depot
Office Depot will undergo a restructuring plan from 2020 to 2021. It will continue to close stores across the country and shed more than 13,000 jobs through 2023. Office Depot is now trying to become an IT service provider.
Having closed 180 stores in 2020, H&M plans to shutter another 250 stores in 2021. The main reason for the store closures, according to the H&M CEO, is that more and more customers tend to shop online.
Gap has announced plans to close 220 stores in the US between 2020 and 2023. However, they tend to close the locations located in shopping malls while retaining the stores and outlets in city centers.
6. Five Guys
Five Guys shocked people by selling 27 stores in Texas in 2020 and was rumored to be closing all its stores worldwide by 2021. However, the company has claimed that it is just a rumor and that it won't be closing the franchise.
The permanent closure of more than 600 stores last year wasn't enough for the tween girl retailer Justice. It has claimed that 108 more stores will be shut down in early 2021.
In 2020, Express closed 31 stores in 20 states and planned to close 35 more stores by the end of January 2021. A further 25 stores are due to close next year, bringing the total to 100 by 2022.
In October 2020, Carter's decided to close 200 of its stores across the United States because of lease expirations on the stores. The company plans to close 60% of its 200 stores by the end of 2021 and the rest by 2022.
Macy's has recently confirmed that there will be store closures over the next few years. It is confirmed that 45 stores will be closed permanently in 2021, and a total of 125 locations will be shut down by the end of 2023.
11. Banana Republic
Banana Republic, owned by Gap Inc., plans to shut down 130 locations by 2023. Banana Republic and Gap are expected to close 350 North American stores, nearly a third of their total.
12. American Eagle
Having shuttered about 50 stores in 2020, American Eagle executives announced that they would have another 500 stores closures by 2022. The company will close stores based on lease duration, mall profile, proximity to other stores, and customer engagement.
Walgreens announced plans in 2019 to close 200 stores in the United States. However, 200 stores is a tiny fraction of their total number of stores, as the company has 9,600 stores across the States.
14. Victoria's Secret
After closing 250 stores in the US and Canada in 2020, Victoria's Secret will continue to do so over the next 2 years. According to Victoria's Secret's CEO, there will be even more store closures in 2021 and 2022.
15. Bed Bath & Beyond
Closing 200 stores by 2020 is just the beginning for Bed Bath & Beyond. The company said it would close more brick-and-mortar stores in 2021, including 43 stores in 19 states by the end of February.
Due to the 2020 situation, Zara has decided to shift from physical stores to online sales. In 2020, the company announced plans to close 1,200 stores worldwide within three years. The closure of the store will allow them to fully invest in their digital operation.
In November 2020, Starbucks announced plans to close 100 stores across the United States and 300 in Canada by 2021. Starbucks, on the other hand, is working to offer more drive-thru and pickup points.
After a decade of financial difficulties and heavy debt, GameStop has closed hundreds of stores. The company announced that it would close more than 1,000 more stores in March 2021.
In 2018, Sears filed for bankruptcy and closed most of its stores during the subsequent 2 years. Currently, the company is trying out a slow-motion liquidation and hopes to resume its shuttered stores with the plan's help.
20. Abercrombie & Fitch
Abercrombie & Fitch permanently closed 4 of its largest flagship stores in January 2021. As leases expire, the company will continue to close overseas stores in 2021, including in Europe and Japan.
In 2019, the women's clothing chain brand Chico's stated that they would undertake 250 stores closures over the course of 3 years. It will focus on its online shopping service and operations.
22. Men's Wearhouse
The tailoring company, Men's Wearhouse, announced the closure of 500 stores in the summer of 2020. In 2020, most of its customers followed a policy of work from home. Therefore, there was no need for formalwear, resulting in a decline in revenue.
23. Pet Valu
Pet Valu also plans to close stores over the next few years. In November 2020, it was confirmed that 358 stores and warehouses across the country would close for good. The closing down sales have already begun.