With the aim of improving business performance, Walmart closes stores that have not generated enough profits year after year. In 2023, the company announced the closure of at least 23 stores in 14 states across the country.
Although 2023 is not yet over, the company is already thinking about the future and has therefore announced the closure of a new branch, which will essentially affect Connecticut residents.
Walmart will close more stores in 2024: where and from what date?
According to a statement from the company, the location at 680 Connecticut Ave, Norwalk, CT 06854 will permanently close its doors starting January 2024, as will the in-store pharmacy.
“We are grateful to the customers who have given us the privilege of serving them at our Connecticut Avenue location. “We hope to serve you at our Main Avenue Supercenter and other stores in the surrounding communities and (online),” the company said in a statement confirming the reason for the closure: millions in annual losses.
“These stores lose tens of millions of dollars every year, and their annual losses have nearly doubled in the last five years alone,” Walmart said.
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In recent months, the media has dubbed store closures a “retail apocalypse,” as Walmart wasn’t the only company hit by low returns. In 2023, Target announced the closure of several of its locations, as did Walgreens.