Major Michigan Retailer Planning to Close 400 Stores By 2026

It seems like every time that you turn around, another Michigan retailer is claiming bankruptcy and closing its doors for good.

We're almost to a point where it's hard to keep track of all the retailers and restaurants that have announced Michigan closures in recent years. Rite Aid, The Buckle, Walmart, Family Dollar, Dollar Tree, Rue 21, Express, Bed Bath & Beyond, and many more. This doesn't even include all the other major retailers and small businesses that are rumored to close as well.

Why Are So Many Businesses Closing in Michigan?

There are so many factors that can contribute to these store closures including shifts in consumer behavior, competition from online retailers, changes in industry trends, and fluctuations in the local economy, all of which can play a role.

Many big chain retailers blame underperforming stores as the overall reason for some of their closures. That, of course, can be due to high operating costs, mismanagement, or even poor location. It's often a combination of these factors rather than a single cause.

Major Retailer Closures Expected By 2026

Last year, Foot Locker announced it was planning to close 400 stores throughout the country by 2026. However, we have yet to see any closures in Michigan (that we know of). With more than 30 Foot Locker stores in Michigan, it's a matter of when, not if.

According to The Street, 400 stores in North America, including 275 Foot Locker and 125 Champs Sports stores, are expected to close by 2026. The retailer will likely close stores with expiring leases, stores in less-successful malls, and ones that are underperforming.

With the announcement of Lakeside Mall in Sterling Heights closing on July 1st, you can expect that Foot Locker location to close soon if it hasn't already.