A wave of closures hit the retail and restaurant sectors in 2024, with iconic brands like CVS, Wendy’s, and Big Lots among those scaling back operations or shuttering entirely. Economic challenges and shifting consumer habits are driving the trend, The Hill reported.

According to data from Coresight, retail closures increased by 69% compared to the previous year.

Among the hardest hit was Advance Auto Parts, which announced the closure of more than 700 locations, including 523 corporate stores, 204 independent sites, and four distribution centers.

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