Between 2015 and 2021, on an annual basis, store closures exceeded openings by approximately 16,000 according to Coresight Research. Last year physical store openings exceeded closings for the first time since 2016. Retailers are anticipated to open even more stores this year than last, about 1,400.
A big driver of new store openings is shoppers seeking bargains, especially at dollar stores. In this order, the top six retailers opening stores in 2022 were dollar chains and discounters, including Dollar General, Family Dollar, Dollar Tree, Five Below, TJX Cos., and Aldi.
Many stores that closed between 2015 and 2021 were large, such as department stores and big box stores. A large share of retailers leasing vacant stores last year and this are the dollar stores, which are small, in the 8,000-12,000 square foot range. This indicates that there are still a large number of vacant bigger stores. Those in good markets offer an opportunity for new location-based entertainment venues to lease them.
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