Nearly 140 million square feet of retail space is expected to become available as announced store closures exceeded openings last year. Retailers announced closures of more than 9,900 locations over the past year, led by discount and dollar stores, drug stores and apparel stores, according to JLL’s retail market outlook.
Meanwhile, retail openings for 2024 and the beginning of 2025 total more than 7,700 new stores. Nearly 3,000 of these locations are restaurants, with particularly strong performance from fast casual and quick service restaurants. Grocery stores also had strong opening numbers, boosted by Aldi’s announced plans to open 800 new stores by 2028. Discount and dollar stores, including Dollar General and Burlington, also had strong opening numbers despite closings at Family Dollar and Big Lots, said JLL.
“We’re seeing a clear acceleration of closure announcements over the last several months, many stemming from bankruptcies where retailers plan to liquidate their entire portfolio,” said the report.
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