Store Tracker Extra: More Data Each Month

In our US Store Tracker Extra monthly series, we offer insight into retailers’ store closure and opening announcements on a monthly basis—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.

This report also offers a comparison between year-to-date announced closures and openings as of August 27, 2021 (corresponding to week 34 in our Weekly US and UK Store Openings and Closures Tracker) versus the comparable period in 2020 (the 35 weeks ended August 28, 2020).

2021 Major US Store Closures: Proportion of Store Base and Square Footage

As of August 27, 2021, major US retailers have announced 4,748 store closures for this year. This compares to 7,531 announced closures in the comparable period of 2020, as we discuss later in this report.

In August 2021, the following retailers made store closure announcements:

• Ahold Delhaize has closed one store year to date in 2021, which represents less than 1% of its total store base of 1,970 stores. The closure accounts for an estimated 32,500 square feet of total retail space.
• Best Buy has closed 28 stores year to date in 2021, which represent 3% of its total store base of 991 stores. The closures account for an estimated 1.1 million square feet of total retail space.
• Ethan Allen has closed three stores year to date in 2021, which represent 2% of its total store base of 138 stores. The closures account for an estimated 46,000 square feet of total retail space.
• Fossil has closed 19 stores year to date in 2021, which represent 10% of its total store base of 189 stores. The closures account for an estimated 69,000 square feet of total retail space.
• Office Depot has closed 63 stores year to date in 2021, which represent 5% of its total store base of 1,244 stores. The closures account for an estimated 1.26 million square feet of total retail space.
• Tapestry has closed 34 stores year to date in 2021, which represent 5% of its total store base of 645 stores. The closures account for an estimated 100,000 square feet of total retail space.
• Target has closed 12 stores year to date in 2021, which represent less than 1% of its total store base of 1,897 stores. The closures account for an estimated 1.5 million square feet of total retail space.
• TJX Companies has closed two stores year to date in 2021, which represent less than 1% of its total store base of 2,454 stores. The closures account for an estimated 100,000 square feet of total retail space.
• Uniqlo has closed two stores year to date in 2021, which represent 4% of its total store base of 51 stores. The closures account for an estimated 7,000 square feet of total retail space.

In Figure 1, we offer a breakdown of estimated closures announced by various retailers, along with a representation of 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 2021, by Retailer, in Comparison to Total Store Base (Listed by Most to Least Closures) [wpdatatable id=1222 table_view=regular]

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Store-count information for retailers in the above list are based on the third quarter of the fiscal year ended January 2021 or the fourth quarter of the fiscal year ended December 2020 for most public companies. *Ascena Retail includes Justice, Catherines, Ann Taylor, Lane Bryant, LOFT and Lou & Grey. Foot Locker includes Foot Locker, Lady Foot Locker, Champs Sports and Foot Action stores. Williams-Sonoma includes Williams Sonoma and Pottery Barn store banners. Amazon includes Amazon Fresh and Amazon Go banners. **Total store base count represented for Genesco is global. For Aerie, Disney, Gap, Michaels Stores, Old Navy and Signet Jewelers the store count is for North America as a US-specific breakdown could not be obtained. Source: Company reports/Coresight Research Overall, the announced year-to date closures equate to over 55.7 million square feet in closed retail space, we estimate. In Figure 2, we show the estimated square-footage impact of various retailers’ year-to-date store closure announcements for 2021.

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Figure 2. Year-to-Date Announced 2021 US Store Closures Estimates in Gross Square Feet, by Retailer (Thous.) [caption id="attachment_132034" align="aligncenter" width="725"] Ascena Retail Group includes Justice, Catherines, Ann Taylor, Lane Bryant, LOFT and Lou & Grey. Amazon includes Amazon Fresh and Amazon Go banners. Foot Locker includes Foot Locker, Lady Foot Locker, Champs Sports and Foot Action stores.
Note: The total includes a small number of retailers that will each close less than 19,000 square feet of retail space and so are not included in the chart.
Source: Company reports/Coresight Research [/caption]  

2021 Major US Store Openings: Proportion of Store Base and Square Footage

As of August 27, 2021, major US retailers have announced 4,616 store openings. This compares to 3,111 announced openings in the comparable period of 2020, which we discuss later in this report.

In August, the following retailers announced store openings for 2021:

• Ahold Delhaize opened 75 stores in 2021, representing a 4% expansion of its existing store fleet of 1,970 stores. The new openings will account for an estimated 2.4 million square feet of total retail space.
• Amazon opened 14 stores in 2021, representing a 16% expansion of its existing store fleet of 89 stores. The new openings will account for an estimated 490,00 square feet of total retail space.
• Bass Pro plans to open one store in 2021, representing a 1% expansion of its existing store fleet of 78 stores. The new opening will account for an estimated 75,000 square feet of total retail space.
• Best Buy opened two stores in 2021, representing an expansion of less than 1% of its existing store fleet of 991 stores. The new openings will account for an estimated 78,000 square feet of total retail space.
• Buehler’s Fresh Foods plans to open one store in 2021, representing an 8% expansion of its existing store fleet of 12 stores. The new openings will account for an estimated 21,700 square feet of total retail space.
• Camping World opened 16 stores in 2021, representing a 9% expansion of its existing store fleet of 171 stores. The new openings will account for an estimated 800,000 square feet of total retail space.
• Container Store opened four stores in 2021, representing a 4% expansion of its existing store fleet of 93 stores. The new openings will account for an estimated 100,000 square feet of total retail space.

• Ethan Allen opened two stores year to date in 2021, which represent 1% of its total store base of 138 stores. The openings account for an estimated 46,000 square feet of total retail space.

• Floor & Decor plans to open 27 stores in 2021, which represent 20% of its total store base of 135 stores. The openings account for an estimated 2 million square feet of total retail space
• Fossil opened one store in 2021, representing an expansion of less than 1% of its existing store fleet of 189 stores. The new openings will account for an estimated 1,350 square feet of total retail space.
• James Avery Artisan Jewelry plans to open one store in 2021, representing a 6% expansion of its existing store fleet of 16 stores. The new openings will account for an estimated 4,000 square feet of total retail space.
• Dunham’s Sports opened one store in 2021, representing an expansion of less than 1% of its existing store fleet of 249 stores. The new openings will account for an estimated 30,000 square feet of total retail space.
• Ross Stores plans to open 60 stores in 2021, representing a 3% expansion of its existing store fleet of 1,805 stores. The new openings will account for an estimated 1.5 million square feet of total retail space.
• • Tapestry opened two stores in 2021, representing an expansion of less than 1% of its existing store fleet of 645 stores. The new openings will account for an estimated 7,300 square feet of total retail space.
• Total Wine plans to open three stores in 2021, representing a 1% expansion of its existing store fleet of 218 stores. The new openings will account for an estimated 75,000 square feet of total retail space.
• The RealReal plans to open 11 stores in 2021, representing a 138% expansion of its existing store fleet of eight stores. The new openings will account for an estimated 16,500 square feet of total retail space.
• Trader Joe’s opened five stores in 2021, representing an expansion of less than 1% of its existing store fleet of 514 stores. The new openings will account for an estimated 57,500 square feet of total retail space.
• Sun & Ski Sports plans to open one store in 2021, representing a 3% expansion of its existing store fleet of 30 stores. The new openings will account for an estimated 30,000 square feet of total retail space.
• Under Armour opened three stores in 2021, representing a 2% expansion of its existing store fleet of 176 stores. The new openings will account for an estimated 15,000 square feet of total retail space.
• Wegmans plans to open eight stores in 2021, representing an 8% expansion of its existing store fleet of 104 stores. The new openings will account for an estimated 656,000 square feet of total retail space.
• Whole Foods Market opened four stores in 2021, representing a 1% expansion of its existing store fleet of 506 stores. The new openings will account for an estimated 192,000 square feet of total retail space.

In Figure 3, we offer a breakdown of 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 2021, by Retailer, in Comparison to Total Store Base (Listed by Most to Least Openings) [wpdatatable id=1223 table_view=regular]

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Store count information for retailers in the above list are based on reported counts from the third quarter of the fiscal year, ended January 2021 or the fourth quarter of the fiscal year, ended December 2020 for most public companies. *Foot Locker includes the Foot Locker, Lady Foot Locker, Champs Sports and Foot Action stores. Aerie includes Aerie and OFFLINE stores. TJX Companies includes HomeGoods, Homesense, Marmaxx (Marshalls and T.J. Maxx) and Sierra stores. Amazon includes Amazon Fresh and Amazon Go banners. Williams-Sonoma includes Williams Sonoma and Pottery Barn store banners. **Total store base count for Genesco and Payless is global, while the store base count for Athleta, Old Navy and Signet Jewelers and Michaels Stores is for North America as a US-specific breakdown could not be obtained. Source: Company reports/Coresight Research Overall, the announced year-to-date openings equate to over 64.9 million square feet in new retail space, we estimate. In Figure 4, we show the square-footage impact of various retailers’ year-to-date store opening announcements for 2021.

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Figure 4. Year-to-Date Announced 2021 US Store Openings Estimates in Gross Square Feet, by Retailer (Thous.) [caption id="attachment_132035" align="aligncenter" width="725"] TJX Companies includes HomeGoods, Homesense, Marmaxx and Sierra stores. Amazon includes Amazon Fresh and Amazon GO banners. Aerie includes Aerie stores and OFFLINE stores. Foot Locker includes the Foot Locker, Lady Foot Locker, Champs Sports and Foot Action stores. The square footage for Target is calculated on the assumption that the majority of stores that the company expects to open in 2021 are small format stores. Note: Total includes a small number of retailers that will each open less than 74,000 square feet of new retail space and so are not included in the chart.
Source: Company reports/Coresight Research [/caption]  

2021 Versus 2020: 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 2021, as well as the comparative figures for 2020. Compared to this time last year, openings announcement totals are ahead in 2021, while closures announcements are behind.

Year-to-date announced store closures in August 2021 are led by apparel retailers, which account for 2,065 closures, representing 43% of total closures.

The year-to-date equivalent closures for August 2020 were led by apparel retailers which account for 2,834 closures, representing 38% of total closures.   

Year-to-date announced store openings in August 2021 are led by discount store retailers, which account for 1,931 openings, representing 42% of total openings.

The year-to-date equivalent openings for August 2020 were also led by discount store retailers, which account for 1,662 openings, representing 53% of total announced openings.

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Figure 5. US Announced Store Closures and Openings: Week-by-Week Comparison, 2021 (Top) vs 2020 (Bottom) [wpdatachart id=280] [wpdatachart id=281]

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August 2021 spans weeks 31 to 34, while the comparable period in 2020 spans weeks 32 to 35: Our tracker counts map four weeks in January 2021, versus five weeks in January 2020. 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: 2021 Versus 2020

There were no major retail bankruptcies in August 2021. In the tables below, we offer a comparative view of year-to-date bankruptcy filings as of August 31, 2021, versus August 31, 2020. 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 August 31, 2021 [wpdatatable id=1226 table_view=regular]

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*Belk exited bankruptcy one day after filing **The Collected Group emerged from bankruptcy in June 2021 N/A—Not Available Source: Company reports/Coresight Research

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Figure 7. 2020 Major US Retail Bankruptcies as of August 31, 2020 [wpdatatable id=1227 table_view=regular]

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*J.Crew Group includes J.Crew and Madewell banners. Ascena Retail Group includes Justice, Catherines, Ann Taylor, LOFT, Lane Bryant, and Lou & Grey banners; Le Tote includes Lord & Taylor banner; Tailored Brands includes Men’s Wearhouse and Jos. A. Bank, Moores Clothing for Men and K&G banners. **True Religion Apparel filed for bankruptcy for the second time after entering and exiting bankruptcy in 2017. ***Fairway Market filed for bankruptcy for the second time after entering and exiting bankruptcy in 2016. N/A – Not Available 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 closures (i.e., B2C), so closures by solely B2B companies are excluded. Total square footage being opened or closed is typically estimated from retailers’ average gross store sizes.