( – In a testament to the high inflation rates crushing American businesses, a new survey showed that retail chains are closing thousands of stores this year, nearly 25% more than last year.

According to a recent analysis from CoreSight Research, which tracks store closures and openings, companies have announced the closures of almost 3,200 brick-and-mortar stores so far in 2024, marking a 24% increase from last year.

Major retail chains have also announced about 4% fewer store openings compared to this time last year.

These closures are attributed to various factors, including bankruptcies, inflation, and shoplifting, which have made it too costly to keep the stores open. Organized retail theft rings have become a serious issue for both large retail chains and small businesses in some regions.

Another factor is the shift to online shopping at places like Amazon, which has decreased in-store traffic over the past two decades.

Clothing company RiteAid and Rue21 have both declared bankruptcy. While Rue21 cited inflation and is laying off all of its 4,900 employees, RiteAid will close 165 stores this year.

Moreover, this year, drugstore and pharmacy closures in the U.S. closed about eight million square feet of retail space.

Dollar Tree, citing inflation and shoplifting, announced plans to close more than 600 Family Dollar locations, the largest number of any retailer so far this year.

Last week, Tupperware announced it would close its only U.S. factory in South Carolina, laying off all 148 workers starting in September, but the company will continue production at its Mexico plant.

Subsequently, other companies closing a large number of stores include 99 Cents Only Stores, which is closing 371 stores, CVS with 315 stores, 7-Eleven with 272 stores, Express with 105 stores, Walgreens’ parent company with 77 stores, and Macy’s with 51 stores.

The skyrocketing inflation of the last several years has caused prices for everyday necessities to spike, including food, gas, and housing, leaving Americans feeling the financial strain.

While inflation has decreased significantly after peaking at 9.1% in June 2022, it remained high at about 3.3% last month, much higher than the Federal Reserve’s target of 2%.

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