Report Reveals Walmart Will Shutter More Stores in 2024
Walmart could be set to close stores this year according to a recent industry report on the retail giant's plans for the next 12 months.
Why Walmart Is Closing Stores
A recent article published on TheStreet.com reported Walmart closed 23 stores in 2023 after previously only looking at shutting down 15 locations.
The closures were spread throughout 14 states with Illinois losing the most Walmarts as eight left there in 2023.
"For the most part, Walmart blamed underperformance and theft as central reason for the closures," TheStreet.com said.
Now, Walmart is facing another hurdle keeping locations open, leasing agreements.
Which Walmart Stores Are Closing?
The company's failure to "reach an agreement on leasing terms of the space's owners" was cited by TheStreet.com as the main driver behind the first announced store closures of 2024.
The Walmart Neighborhood Market on Imperial Avenue in San Diego and the Walmart on Fletcher Parkway in El Cajon, California are both set to close Feb. 9.
Walmart is currently in the middle of a massive makeover to "modernize" its stores across the country. The company announced in 2023 that it is putting more than $9 billion into the project
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