Store Tracker Extra: More Data Each Month

Our US Store Tracker Extra monthly series offers insights into retailers’ monthly store closure and opening announcements, supplementing our Weekly US and UK Store Openings and Closures Tracker report. We include retailer-level details on closures and openings as a percentage of total store base as well as square-footage impact. In the report, we also compare year-to-date announced closures and openings as of April 29, 2022 (corresponding to week 17 in our Weekly US and UK Store Openings and Closures Tracker) versus the comparable period in 2021 (the four weeks ended April 30, 2021).

2022 Major US Store Closures: Proportion of Store Base and Square Footage

As of April 29, 2022, major US retailers have announced 1,395 store closures for this year. This compares to 3,323 announced closures in the comparable period of 2021, as we discuss later in this report. In April 2022, the following retailers made store closure announcements:

• Albertsons has closed two stores year to date in 2022, representing less than 1% of its total store base of 2,276 stores. The closures account for an estimated 89,000 square feet of total retail space.
• Barnes & Noble plans to close two stores in 2022, representing less than 1% of its total store base of 600 stores. The closures will account for an estimated 28,000 square feet of total retail space.
• Bed Bath & Beyond has closed three stores year to date in 2022, representing less than 1% of its total store base of 995 stores. The closures account for an estimated 102,000 square feet of total retail space.
• H&M plans to close 25 stores in 2022, representing 5% of its total store base of 548 stores. The closures will account for an estimated 563,000 square feet of total retail space.
• Sleep Number has closed eight stores year to date in 2022, representing 1% of its total store base of 648 stores. The closures account for an estimated 24,000 square feet of total retail space.
• Stop & Shop plans to close four stores in 2022, representing 1% of its total store base of 415 stores. The closures will account for an estimated 259,000 square feet of total retail space.
• Sunglass Hut has closed one store year to date in 2022, representing less than 1% of its total store base of 1,500 stores. The closure accounts for an estimated 3,000 square feet of total retail space.
• Walmart plans to close five stores in 2022, representing less than 1% of its total store base of 5,342 stores. The closures will account for an estimated 890,000 square feet of total retail space.

In Figure 1, we offer a breakdown of estimated closures announced by various retailers, along with the proportion of their total store base that will be impacted.

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Figure 1. Year-to-Date Announced US Store Closures Estimates for 2022, by Retailer, in Comparison to Total Store Base (Listed by Most to Least Closures) [wpdatatable id=1936 table_view=regular]

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Store-count information for retailers in the list above is based on the third quarter of fiscal 2022, ended April 2022 for most public companies. *Total store base is for North America as a US-specific breakdown could not be obtained. **Amazon includes Amazon 4-star and Amazon Books store banners. Macy’s includes Macy’s, Bloomingdale and Bluemercury banners. Source: Company reports/Coresight Research Overall, we estimate the announced year-to-date closures equate to 23.7 million square feet in closed retail space. In Figure 2, we show the estimated square-footage impact of various retailers’ year-to-date store closure announcements for 2022.

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Figure 2. Year-to-Date Announced 2022 US Store Closures Estimates in Gross Square Feet, by Retailer (Thous.) [caption id="attachment_146618" align="aligncenter" width="700"] Total includes a small number of retailers that will each close less than 14,000 square feet of retail space and are not included in the chart.
Source: Company reports/Coresight Research [/caption]  

2022 Major US Store Openings: Proportion of Store Base and Square Footage

As of April 29, 2022, major US retailers have announced 4,020 store openings. This compares to 3,493 announced openings in the comparable period of 2021, which we discuss later in this report. In April 2022, the following retailers announced store openings for 2022:

• 99 Ranch has opened two stores in 2022, representing a 4% expansion of its existing store fleet of 55 stores. The new openings account for an estimated 102,000 square feet of total retail space.
• Anthropologie plans to open six stores in 2022, representing a 3% expansion of its existing store fleet of 206 stores. The new openings will account for an estimated 65,000 square feet of total retail space.
• Ashley HomeStore has opened one store in 2022, representing a less than 1% expansion of its existing store fleet of 788 stores. The new opening accounts for an estimated 38,000 square feet of total retail space.
• Bass Pro has opened one store in 2022, representing a 1% expansion of its existing store fleet of 78 stores. The new opening accounts for an estimated 75,000 square feet of total retail space.
• Bed Bath & Beyond plans to open 18 stores in 2022, representing a 2% expansion of its existing store fleet of 995 stores. The new openings will account for an estimated 612,000 square feet of total retail space.
• Breitling has opened one store in 2022, representing a 5% expansion of its existing store fleet of 19 stores. The new opening accounts for an estimated 1,000 square feet of total retail space.
• Buck Mason plans to open three stores in 2022, representing a 17% expansion of its existing store fleet of 18 stores. The new openings will account for an estimated 3,000 square feet of total retail space.
• Build-A-Bear plans to open five stores in 2022, representing a 2% expansion of its existing store fleet of 305 stores. The new openings will account for an estimated 14,000 square feet of total retail space.
• Burberry has opened one store in 2022, representing a 2% expansion of its existing store fleet of 62 stores. The new opening accounts for an estimated 6,000 square feet of total retail space.
• Burkes Outlet has opened one store in 2022, representing a less than 1% expansion of its existing store fleet of 306 stores. The new opening accounts for an estimated 17,000 square feet of total retail space.
• Faherty Brand has opened two stores in 2022, representing a 6% expansion of its existing store fleet of 35 stores. The new openings account for an estimated 5,000 square feet of total retail space.
• Five Below plans to open 147 stores in 2022, representing a 12% expansion of its existing store fleet of 1,190 stores. The new openings will account for an estimated 1.3 million square feet of total retail space.
• Francesca’s plans to open nine stores in 2022, representing a 2% expansion of its existing store fleet of 458 stores. The new openings will account for an estimated 13,000 square feet of total retail space.
• Free People plans to open 26 stores in 2022, representing a 16% expansion of its existing store fleet of 162 stores. The new openings will account for an estimated 79,000 square feet of total retail space.
• Fresh Market has opened one store in 2022, representing a 1% expansion of its existing store fleet of 159 stores. The new opening accounts for an estimated 24,000 square feet of total retail space.
• H&M plans to open 10 stores in 2022, representing a 2% expansion of its existing store fleet of 548 stores. The new openings will account for an estimated 225,000 square feet of total retail space.
• Living Spaces has opened one store in 2022, representing a 3% expansion of its existing store fleet of 31 stores. The new opening accounts for an estimated 108,000 square feet of total retail space.
• Lululemon has opened one store in 2022, representing a less than 1% expansion of its existing store fleet of 324 stores. The new opening accounts for an estimated 3,000 square feet of total retail space.
• Meijer plans to open three stores in 2022, representing a 1% expansion of its existing store fleet of 258 stores. The new openings will account for an estimated 468,000 square feet of total retail space.
• Outdoor Voices has opened one store in 2022, representing an 8% expansion of its existing store fleet of 12 stores. The new opening accounts for an estimated 2,000 square feet of total retail space.
• RH has opened one store in 2022, representing a 1% expansion of its existing store fleet of 76 stores. The new opening accounts for an estimated 15,500 square feet of total retail space.
• Scotch & Soda plans to open five stores in 2022, representing a 13% expansion of its existing store fleet of 39 stores. The new openings will account for an estimated 8,500 square feet of total retail space.
• Sunglass Hut has opened one store in 2022, representing a less than 1% expansion of its existing store fleet of 1,500 stores. The new opening accounts for an estimated 3,000 square feet of total retail space.
• Trader Joe’s plans to open eight stores in 2022, representing a 1% expansion of its existing store fleet of 558 stores. The new openings will account for an estimated 92,000 square feet of total retail space.
• Uniqlo plans to open 22 stores in 2022, representing a 51% expansion of its existing store fleet of 43 stores. The new openings will account for an estimated 77,000 square feet of total retail space.
• Urban Outfitters plans to open seven stores in 2022, representing a 4% expansion of its existing store fleet of 183 stores. The new openings will account for an estimated 87,000 square feet of total retail space.
• Wawa plans to open 93 stores in 2022, representing an 11% expansion of its existing store fleet of 850 stores. The new openings will account for an estimated 558,000 square feet of total retail space.
• WHSmith plans to open 18 stores in 2022, representing a 6% expansion of its existing store fleet of 291 stores. The new openings will account for an estimated 73,000 square feet of total retail space.

In Figure 3, we breakdown estimated openings announced by various retailers, along with a representation of the size of the expansion in proportion to their existing store base.

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Figure 3. Year-to-Date Announced US Store Openings Estimates for 2022, by Retailer, in Comparison to Total Store Base (Listed by Most to Least Openings) [wpdatatable id=1937 table_view=regular]

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Store count information for retailers in the list above is based on reported counts from the third quarter of fiscal 2022, ended April 2022 for most public companies. *Total store base count is for North America as a US-specific breakdown could not be obtained. **Aerie includes Aerie stores and OFFLINE stores. Amazon includes Amazon Fresh and Amazon Style banners. Macy’s includes Macy’s, Bloomingdale and Bluemercury banners. TJX Companies includes HomeGoods, Homesense, Marmaxx (Marshalls and T.J. Maxx) and Sierra stores. Source: Company reports/Coresight Research Overall, we estimate the announced year-to-date openings equate to 71.3 million square feet in new retail space. In Figure 4, we show the square-footage impact of various retailers’ year-to-date store opening announcements for 2022.

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Figure 4. Year-to-Date Announced 2022 US Store Openings Estimates in Gross Square Feet, by Retailer (Thous.) [caption id="attachment_146619" align="aligncenter" width="700"] Total includes a small number of retailers that will each open less than 91,000 square feet of new retail space and are not included in the chart.
Aerie includes Aerie stores and OFFLINE stores. Amazon includes Amazon Fresh and Amazon Style banners. TJX Companies includes HomeGoods, Homesense and Marmaxx (T.J. Maxx, Marshalls and Sierra) stores.
Source: Company reports/Coresight Research [/caption]  

2022 Versus 2021: A Year-to-Date Comparison

The charts below depict the week-by-week totals of announced US store closures and openings year to date in 2022, as well as the comparative figures for 2021. Compared to this time last year, openings announcement totals are ahead in 2022, while closure announcements are behind. Year-to-date announced store closures in April 2022 are led by apparel retailers, which account for 490 closures, representing 35% of total closures. The year-to-date equivalent closures for April 2021 were also led by apparel retailers, which accounted for 1,393 closures, representing 42% of total closures. Year-to-date announced store openings in April 2022 are led by discount store retailers, which account for 1,962 openings, representing 49% of total openings. The year-to-date equivalent openings for April 2021 were also led by discount store retailers, which accounted for 1,885 openings, representing 54% of total openings.

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Figure 5. US Announced Store Closures and Openings: Week-by-Week Comparison, 2022 (Top) vs 2021 (Bottom) [wpdatachart id=431] [wpdatachart id=432]

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April 2022 and 2021 span weeks 14 to 17. Coresight Research periodically updates the count for openings and closures when there are new updates or revisions to previous announcements from companies, and this could involve retrospective revisions of totals for some weeks. Source: Company reports/Coresight Research

US Retail Bankruptcies: 2022 Versus 2021

There were no major retail bankruptcies in April 2022. In the table below, we list bankruptcy filings for the comparable period of 2021, ended April 30, 2021. Our Retail Bankruptcies Databank offers a more detailed list of US and UK retail companies, restaurants and gyms that have filed for bankruptcy since March 2020.

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Figure 6. 2021 Major US Retail Bankruptcies as April 29, 2021 [wpdatatable id=1940]

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*Belk emerged from bankruptcy in March 2021 Source: Company reports/Coresight Research Notes Figures represent store openings and closures that occurred, or are expected to occur, in the respective calendar years. For some retailers, store opening and closure numbers are estimated, including from part-year data, global figures or announced closure/opening programs that span multiple years. Estimates are updated as companies announce details. Figures for openings and closures are gross. Figures represent retail (B2C) closures, so closures by solely B2B companies are excluded. Total square footage being opened or closed is typically estimated from retailers’ average gross store sizes.