SHOPPERS will see a shocking amount of store closures take place in June as macroeconomic pressures weigh down on the retail industry.
A number of iconic chains like Rite Aid and Dollar Tree are struggling to stay afloat, with store executives warning about how such a challenging time is hurting companies and shoppers alike.
GettyThe US retail landscape is currently undergoing major changes, including layoffs, bankruptcies, and closures[/caption] GettyShoppers will see hundreds of store closures in June and the coming months[/caption]The retail sector has seen its fair share of struggles over the past few years, with brick-and-mortar stores especially faltering.
The rise of online shopping, shifting consumer preferences, high inflation, rising labor and operational costs, and increased competition have undercut physical stores, issues exacerbated by the pandemic.
Under the current administration, back-and-forth tariffs and global political tensions have also added to the economic uncertainty, impacting both domestic and international markets.
Even retail behemoths such as Target and Walmart are feeling the impact, with the former company’s CEO Brian Cornell admitting that Target was confronted with an “exceptionally challenging environment” in the first quarter of 2025.
Walmart, the largest retailer in the US and globally, is likewise suffering at the hands of such economic uncertainty.
Tariffs on foreign imports are passed onto the retailers that sell the products, and Walmart’s CFO John David Rainey emphasized the dire extent of these cost hikes in an interview with The Wall Street Journal.
“The magnitude and speed at which these prices are coming to us is somewhat unprecedented in history,” Rainey said. “It’s a dynamic and fluid environment.”
Top bosses at both Walmart and Target – alongside other major retailers and brands like Macy’s, Shein, Temu, and elf Beauty – have revealed that they may be forced to raise prices to counteract the tariffs.
Beyond just price hikes, layoffs, bankruptcies, and mass store closures have plagued the retail landscape.
For example, Rite Aid, JCPenney, Saks Fifth Avenue, and Family Dollar were among the chains that saw widespread shutdowns in May, with 2,500 or more additional US closures expected by the end of 2025, per The Mirror.
In June, even more retail shutters are set to take place, across a number of popular stores.
RITE AID
Popular pharmacy chain Rite Aid is currently undergoing its second bankruptcy process in under one year, filing for Chapter 11 on May 5.
Shoppers have seen many Rite Aid stores drop off the map in waves, with the first round of 47 shutters announced in early May.
The second batch of closures included 68 stores across seven states, while the third encompassed 95 spots.
GettyRite Aid is undergoing its second Chapter 11 bankruptcy, shutting down hundreds of stores[/caption]Beginning in June, a fourth wave of closures will sweep Rite Aid’s store footprint, with 151 more locations across 10 states now on the chopping block, according to court documents filed on May 23.
Although the company has not yet announced exactly when the mass closures will ensue, the latest round of shutdowns brings the total number of stores impacted during the second bankruptcy to 361.
THRIFTY ICE CREAM
As Rite Aid’s bankruptcy process proceeds, shoppers will see the closure of around 500 Thrifty Ice Cream locations within stores across the US.
Rite Aid acquired Thrifty Drug Stores in 1996, where Thrifty Ice Cream previously sold its signature cube-shaped ice cream.
AlamyThrifty Ice Cream will see hundreds of closures due to Rite Aid’s bankruptcy filing[/caption]Because the Thrifty Ice Cream spots are now located inside of Rite Aid pharmacies, the drugstore chain is unable to sell them as a separate asset.
However, foodies are not entirely out of luck.
“You can find Thrifty ice cream in the freezer section of your favorite retailers, like Rite Aid, Albertsons, Vons and more. You can also find it at scoop counters across California, Arizona and a growing number of regions in the US and Mexico,” Thrifty Ice Cream’s website reads.
US braces for '45,000 store closures'
Some 45,000 bricks-and-mortar stores could close in the next five years, experts have warned.
Several major retailers have announced store closures or gone out of business altogether in recent years.
In 2023, chains such as Foot Locker announced plans to close up to 400 outlets by 2026.
While, other well-known retailers like Tuesday Morning and Mitchell Gold + Bob Williams filed for bankruptcy in 2023.
Bed Bath & Beyond has closed all of its brick-and-mortar stores and is now an online-only retailer.
The most affected retailers have been clothing, consumer electronics, sporting goods, hobby, book, music, and home furnishing stores since the start of 2019.
UBS has predicted the total number of retail stores will drop by 45k from 958k to 913k.
Despite that, the report says that certain stores should thrive while others decline.
It said retailers such as Walmart, Costco, Home Depot, and Target, could be among the winners.
DOLLAR TREE & FAMILY DOLLAR
June will see the shutdown of Dollar Tree and Family Dollar stores as the iconic discount chains clean up their store footprints.
Dollar Tree has set out to shut down approximately 1,000 Family Dollar locations following its $1 billion sale of the struggling brand to private equity firms.
The underperforming spots will close down as their leases expire, with some already permanently closed.
Around 600 Family Dollar stores closed in the first half of 2024, with 370 stores expected to cease operations as their leases expire over the next few years.
AFPFamily Dollar and Dollar Tree shoppers will see mass shutdowns over the next few years[/caption]Thirty Dollar Tree stores are also expected to close, with the company citing poor market conditions, increasing competition, and the difficulty of integrating the two large retail operations, for the mass shutdowns.
CVS PHARMACY
CVS is also eyeing store closures this month as part of the chain’s plans to restructure and axe 271 stores this year.
The hundreds of shutdowns are cited in the company’s “enterprise-wide restructuring plan” that seeks to streamline the struggling drugstore chain’s operations and adapt to changing shopper needs.
The impending closures are part of a planned strategy announced in 2021, according to CVS, rather than due to industry wide challenges.
GettyCVS is planning to axe nearly 300 locations throughout 2025[/caption]Several factors were considered when determining which locations were on the chopping block, including local population shifts, shoppers’ buying behavior, pharmacy and store density, pharmacy access, and community health data, a CVS representative told Newsweek.
The company’s move to shut down 291 spots follows its closure of roughly 900 stores from 2022 to 2024.
Shoppers will see other popular retailers shut down stores this month.
For example, Walgreens has set out to close 500 locations this year.
An iconic department store chain also has big closure plans underway, eyeing to shutter 86 more locations across the country.
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