REI plans to close its Alderwood mall store after more than 20 years and move to a new location in Lynnwood.

The new REI location will be in a 39,000-square-foot space in Lynnwood’s Alderwood Parkway shopping center, about a mile south of the current store.

The Alderwood mall will have a 22,000-square-foot empty storefront after REI's departure.

REI reported a net loss of $311 million for 2023 and a 2.4% drop in annual revenue to $3.76 billion.

REI laid off more than 350 corporate and distribution center employees in January and warned of a challenging year ahead.