Highlights
- Major retail chains are closing down stores in Atlanta after declaring bankruptcy and going out of business.
- Walmart and Walgreens closed stores in Atlanta citing a decline in business.
- The Mall West End is being closed down for redevelopment.
Several announcements of the closing of major retail stores in Atlanta were made during 2024. The closings have been reflective of the struggling economy across Georgia and the US.
The trend of “retail apocalypse” has been taking place in the US with the rising popularity of e-commerce platforms. Long-standing businesses have been closing down across the country and the case is not different in Atlanta. Companies have been closing down stores citing reasons such as cost-cutting, declining sales, and shifts in consumer behavior.
Retail Stores that Closed Down in Atlanta in 2024
Here are some of the major retailers that have pulled their shutters down in Atlanta this year.
Party City Closed in December
After four decades of being in the business, New Jersey-based party supply store, Party City announced the closing of all of its stores in December. Reports from new media outlets said that CEO Barry Litwin had instructed corporate employees to close down the operations immediately on December 20.
Party City had filed for Chapter 11 bankruptcy and came out of it 3 months ago. However, the management moved to close down the company entirely. The CEO said in the meeting that it was important for the employees to know that the company had tried everything possible to avoid this outcome.
After it had filed for bankruptcy in January 2023, it was delisted from the New York Stock Exchange. The crisis was caused by the $1.7 billion in debt and the drop in consumer spending. Moreover, the rising prices and growing competition with other retailers and e-commerce brands challenged it.
Big Lots Entered its Final Chapter
Big Lots has begun closing down. In Atlanta, the location at 3358 Chamblee Tucker Road will be closed down. There are a total of 31 locations for Big Lots across Georgia. The stores will soon start the going-out-of-business discount sale.
Bruce Thorn, Big Lots’ president and CEO had said in a statement that they are trying to find alternate ways to keep the stores open. However, to protect the value of the estate, they have decided to start the going-out-of-business process.
Previously, the company filed for bankruptcy in September. A sale to an investment firm was attempted, but it didn’t fall through. It was after this that the company started the process of closing down.
Walgreens Closed its Olympia Building Location
The standalone pharmacy, grocer, and convenience store at the historic Olympia Building was closed down in April 2024. The decision to close the store was received with huge disappointment by Downtown residents. The closing of the store impacted easy access to essential goods. It also disrupted the convenience this store offered the community.
As Walgreens had the lease for the space till June 2036, it was looking to sublease it. Savi Provisions, the gourmet food market, has been recently reported to have plans to take over the space.
Walmart Shuts the Door at 2 Locations in Metro Atlanta
Walmart stores located at 4725 Ashford Dunwoody Road in Dunwoody and 3101 Roswell Road in Marietta were closed in July 2024. The stores were closed down a month after the company announced mass layoffs.
The store that was closed in Dunwoody was a Walmart Superstore. The store was experiencing frequent incidents of theft, as per the police. The Neighborhood Market store at Winters Chapel Rd is still open.
A Walmart Neighborhood Market was shut down in Marietta. Walmart does have other stores that are open in Marietta currently.
Mall West End Hosted Going Away Party
The Mall West End will finally be closed down next month. A going away party was held at the mall on December 24, to celebrate its historic run. The official closing date for the mall will be on January 31, 2025.
The aging retail property has been acquired by the City of Atlanta and Atlanta Urban Development Corp. The land was been sold to BRP Companies and The Prusik Group.
The city is planning a mixed-use development project at the 12-acre property. It has planned affordable housing and business spaces to replace the space.
Atlanta experienced a wave of retail closures in 2024. This trend is expected to continue in 2025. Nationwide, the retail industry is being reshaped. If the trend continues, traditional brick-and-mortar stores may soon become a thing of the past.
