Value was in vogue in 2024. Shoppers and restaurant patrons in the U.S.
were choosy about where and how to spend their money as they wrestled with high housing and food prices. Well-heeled customers traded down to Walmart and Aldi. Diners opted for fast food or home cooking instead of sit-down restaurants.
Department stores struggled as buyers shopped online or at cheaper chains like H&M. Those shifts changed the buying and eating landscape in 2024. As of Dec.
20, Coresight Research tracked 48 retail bankruptcies in the U.S., compared with 25 during the same period the previous year.
At least 22 restaurant chains filed for bankruptcy in 2024, the most since 2020, according to BankruptcyData, a company that tracks filings. Those that thrived WALMART: The nation’s largest retailer typically shines during tough times as shoppers turn to the discounter for groceries, which account for 60% of Walmart’s total business. Just like during the 2008 Great Recession, Walmart saw households with incomes of $100,000 or more making up more of its clientele.
But this time around, company executives think they can keep those customers because they’ve expanded online services and added more stylish clothes and mannequins. People are also reading..
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