One Door Closes, Another One Opens: 5000 Store Closures Projected in 2024

In 2024, over 5,000 retail stores in the U.S. are expected to close, including major players like Foot Locker (545 closures), Bed Bath & Beyond (896 closures), and TJX Companies (71 closures). Although these closures seem daunting, they present a unique opportunity for property developers, owners, and landlords.

Typically, retail spaces remain vacant for an average of 11 months, leading to significant revenue loss. However, with rent rates increasing by 3.5% in urban areas and retail cap rates compressing to an average of 6.2%, the demand for strategic tenant placement has never been higher. This is where CenterCheck steps in.

CenterCheck provides real-time data and analytics to help property stakeholders identify the best tenants for their spaces. Unlike traditional methods, CenterCheck offers precise insights into retail sales trends, expansion plans, and site-specific data. For example, discount retailers like Dollar General and Dollar Tree are planning over 1,300 new store openings in 2024, while experiential retail sectors are projected to grow by 12% annually.

By leveraging CenterCheck's cutting-edge tools, property owners can reduce vacancy periods, secure high-quality tenants, and turn potential losses into profitable opportunities. Visit www.centercheck.com to see how data-driven decisions can transform your property strategy.