Four Columbus-area Party City store locations are up for auction next month. The New Jersey-based retailer in December said it would be going out of business after nearly 40 years. That means closing its more than 850 stores across the country.

A new report predicts this year will only get worse for the already-struggling retail sector, with the number of location closings expected to double. It’s no secret that 2024 was a tough year for many retailers.

Experts say the rise in store shutterings is driven by rising online retail sales and consumers converging on big one-stop-shopping chains and platforms.

Opened Aug. 19 11190 Circle Drive, Ste. 101, Austin Opened Nov. 26 Opened Jan. 1 Opened Jan. 7 Relocated Dec. 5 Closing Jan. 31

Store closures in the U.S. spiked in 2024 and are expected to rise to about 15,000 this year, according to Coresight Research, a retail advisory group.

Big Lots is part of a larger chain of big box stores shutting their doors. Kohl's will close 27 underperforming stores across the country. In December, Party City said it will close all its ...

Twenty-one Big Lots leases went up for sale this month.

CVS is the next up to close stores in Connecticut. Their locations on 777 Main St. and 690 Wethersfield Ave. will be closed by mid-March. CVS said people will have access to their prescriptions at the other two stores in Hartford,

Retailers are facing relentless competition from controversial fast fashion companies Shein and Temu, according to Coresight Research, which anticipates 15,000 retail closures this year.

So far this year, closures continue to climb. Retailers have already announced 1,925 store closures so far in 2025 — and that was only as of Jan. 10.

The new year has begun with a wave of store closings, particularly for the home furnishings segment, but also for the retailing business in general.

Coresight Research expects some 15,000 locations to shutter in 2025, with plans already up well over 300% year over year.