NEW YORK STATE - As the calendar turns to February 2026, New York State’s retail landscape is facing a significant contraction. While the post-holiday season is typically a time for inventory clearance, this month marks the end of the road for several iconic storefronts across the Empire State.
From pharmacy giants exiting the market entirely to department stores trimming their "underproductive" locations, here is the breakdown of the major retail chains closing doors in New York this February.
1. Rite Aid: The Final Curtain Call
- The Status: Market Exit / Severe Reduction
- The Impact: Following its second Chapter 11 bankruptcy filing in late 2025, the Philadelphia-based pharmacy chain is in the final stages of a massive restructuring. Reports indicate that most remaining Rite Aid locations in New York State are expected to shutter within the first quarter of 2026, with a significant wave of closures hitting this February.
- Why: After closing hundreds of stores across the Northeast in 2024 and 2025, the company is liquidating assets to satisfy creditors. New Yorkers with prescriptions at Rite Aid are strongly advised to transfer them to alternatives like CVS or independent pharmacies immediately.
2. Family Dollar (Dollar Tree, Inc.)
- The Status: Lease Expirations & Strategic Closures
- The Impact: Parent company Dollar Tree Inc. is continuing its plan to close nearly 1,000 Family Dollar stores nationwide. New York is feeling the sting this month, with specific locations like the store in Olean, NY (461 N. Union St) set to permanently close its doors in February 2026.
- Why: The company is cutting losses on stores that haven't recovered from inflation-related sales dips and is choosing not to renew leases on underperforming properties.
3. Macy’s
- The Status: "Bold New Chapter" Downsizing
- The Impact: As part of its strategy to close 150 stores by the end of 2026, Macy's has identified the Boulevard Mall location in Amherst, NY for closure in early 2026.
- Why: The department store giant is shifting focus away from struggling regional malls and toward its luxury brands (Bloomingdale’s, Bluemercury) and smaller-format stores. The Amherst closure represents a significant blow to the Western New York retail corridor.
4. T.J. Maxx & Marshalls (TJX Companies)
- The Status: Urban Lease Adjustments
- The Impact: While TJX Companies is financially healthy, they are realigning their real estate portfolio in New York City. Notable closures in early 2026 include the T.J. Maxx at 503 Fulton Street (Brooklyn) and the Marshalls on Exterior Street (The Bronx).
- Why: Unlike the bankruptcies of Rite Aid, these closures are attributed to specific lease endings and individual store profitability rather than company-wide distress.
5. Walgreens / Duane Reade
- The Status: Ongoing Fleet Reduction
- The Impact: Walgreens (which owns Duane Reade) is in the midst of a three-year plan to close 1,200 stores. February 2026 sees continued "quiet closures" across the state, with impacted areas including Rochester, Ellenville, and New York City neighborhoods.
- Why: The chain has cited reimbursement rate pressures and competitive challenges, stating that roughly 25% of its stores are not profitable.
February 2026 marks a pivotal month for New York retail, characterized by a mix of bankruptcy liquidations and strategic downsizing. The primary takeaway for consumers is the urgent need to find new pharmacy providers, as Rite Aid nears a total exit and Walgreens continues to reduce its footprint. Meanwhile, general retail is seeing a correction, with Family Dollar and Macy's closing underperforming locations to stabilize their finances. Shoppers in Western New York (Amherst/Olean) and New York City (Brooklyn/Bronx) will see the most immediate impact as these major storefronts go dark.
