Even with a well-loved and well-established brand, the retail industry may frequently be fickle. Even the seemingly unfailing titans of the industry have had difficult times recently, closing facilities permanently. It seems like nobody is safe, from Aldi to Costco, Walmart, and even fancy retailers. Although business circumstances can change quickly, let’s look at which well-known brands will be permanently closing their doors in 2023. Will your neighborhood store follow suit, or has it so far managed to avoid the retail apocalypse?
Our Beloved Chain Stores That Are Closing Down This 2023
1. CVS
Year Established: 1963
Store Closures: 200 Branches*
Despite being able to better adapt than others to the needs of consumers for online delivery, CVS (and its CVS/Pharmacy brand) nevertheless confronts an existential dilemma due to its huge presence of over 10,000 stores nationally. The corporation has been obliged to innovate and make targeted cost reductions due to this significant real estate investment in the face of declining walk-in clients. Consequently, by the end of 2022, CVS intends to close at least 200 underperforming locations across the country, including its well-known Springfield, Missouri location—dubbed the “largest CVS in the world.” Despite making up less than 1% of their total footprint, CVS will have to spend more than $130 million on this relocation.
1. CVS
