Consumers reach their breaking point, forcing retailers to shutter stores at a worrying pace [Video]

Family Dollar has announced 677 store closings this year. Walgreens is closing 259. Big Lots is closing 360. LL Flooring is shutting down entirely.Major retailers have announced 6,189 store closures so far this year, already outpacing last year’s total of 5,553, according to Coresight Research. Chains are on track to close the highest number of stores in 2024 than any year since 2020, when the COVID-19 pandemic decimated the industry.Closures have picked up this year because the retail sector’s sugar high of 2021 and 2022 — when consumers were snapping up new couches, televisions and clothing — has ended. Companies have raised prices higher than many consumers can afford and interest rates have soared, making it more expensive to borrow money for big-ticket items or to get a mortgage or a car loan. Consumers have reached their breaking point and are pulling back on items they don’t absolutely need.“Companies were …