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 July 30, 2021 (corresponding to week 30 in our Weekly US and UK Store Openings and Closures Tracker) versus the comparable period in 2020 (the 31 weeks ended August 1, 2020).

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

As of July 30, 2021, major US retailers have announced 4,666 store closures for this year. This compares to 6,486 announced closures in the comparable period of 2020, as we discuss later in this report. In July 2021, the following retailers made store closure announcements:

• Kmart has closed eight stores year to date in 2021, which represent 24% of its total store base of 34 stores. The closures account for an estimated 752,000 square feet of total retail space.
• Kroger plans to close six stores in 2021, which represent less than 1% of its total store base of 2,742 stores. The closures will account for an estimated 392,000 square feet of total retail space.
• Petsense has closed 11 stores year to date in 2021, which represent 6% of its total store base of 182 stores. The closures account for an estimated 61,000 square feet of total retail space.
• Rite Aid has closed eight stores year to date in 2021, which represent less than 1% of its total store base of 2,499 stores. The closures account for an estimated 109,000 square feet of total retail space.
• Skechers USA has closed 23 stores year to date in 2021, which represent 4% of its total store base of 523 stores. The closures account for an estimated 69,000 square feet of total retail space.
• Sleep Number has closed 18 stores year to date in 2021, which represent 3% of its total store base of 605 stores. The closures account for an estimated 50,000 square feet of total retail space.
• Staples has closed 15 stores year to date in 2021, which represent 1% of its total store base of 1,067 stores. The closures account for an estimated 345,000 square feet of total retail space.
• Valu Home Center has closed three stores year to date in 2021, which represent 8% of its total store base of 36 stores. The closures account for an estimated 69,000 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=1159 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 52.9 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_130853" 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 18,000 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 July 30, 2021, major US retailers have announced 4,503 store openings. This compares to 3,076 announced openings in the comparable period of 2020, which we discuss later in this report. In July, the following retailers announced store openings for 2021:

• Foxtrot Market plans to open 24 stores in 2021, representing a 240% expansion of its existing store fleet of 10 stores. The new openings will account for an estimated 86,400 square feet of total retail space.
• Love’s Travel Stops plans to 50 stores in 2021, representing a 9% expansion of its existing store fleet of 540 stores. The new openings will account for an estimated 500,000 square feet of total retail space.
• Ocean State Job Lot opened five stores in 2021, representing a 4% expansion of its existing store fleet of 141 stores. The new openings will account for an estimated 235,000 square feet of total retail space.
• QuikTrip opened five stores in 2021, representing a 1% expansion of its existing store fleet of 895 stores. The new openings will account for an estimated 22,500 square feet of total retail space.
• Rally House plans to open 29 stores in 2021, representing a 31% expansion of its existing store fleet of 94 stores. The new openings will account for an estimated 174,000 square feet of total retail space.
• Sheetz opened three stores in 2021, representing a less than 1% expansion of its existing store fleet of 620 stores. The new openings will account for an estimated 12,000 square feet of total retail space.
• Skechers USA plans to open 38 stores in 2021, representing a 7% expansion of its existing store fleet of 523 stores. The new openings will account for an estimated 114,000 square feet of total retail space.
• Torrid plans to open 25 stores in 2021, representing a 4% expansion of its existing store fleet of 570 stores. The new openings will account for an estimated 75,000 square feet of total retail space.
• Watches of Switzerland opened three stores in 2021, representing a 30% expansion of its existing store fleet of 10 stores in the US. The new openings will account for an estimated 15,000 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=1160 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 60.7 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_130854" 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 51,000 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 July 2021 are led by apparel retailers, which account for 2,057 closures, representing 44% of total closures. The year-to-date equivalent closures for July 2020 were led by apparel retailers which account for 2,814 closures, representing 43% of total closures. Year-to-date announced store openings in July 2021 are led by discount store retailers, which account for 1,931 openings, representing 43% of total openings. The year-to-date equivalent openings for July 2020 were also led by discount store retailers, which account for 1,662 openings, representing 54% 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=262]   [wpdatachart id=263]

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July 2021 spans weeks 26 to 30, while the comparable period in 2020 spans weeks 19 to 22: 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 July 2021. In the tables below, we offer a comparative view of year-to-date bankruptcy filings as of July 31, 2021, versus July 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 July 31, 2021 [wpdatatable id=1163 table_view=regular]

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*Belk exited bankruptcy one day after filing N/A—Not Available Source: Company reports/Coresight Research

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Figure 7. 2020 Major US Retail Bankruptcies as of July 31, 2020 [wpdatatable id=1164 table_view=regular]

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*J.Crew Group includes J.Crew and Madewell 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

Other Major US Retail Opening Announcements in July 2021 

• Hobby retailer Hobby Lobby opened one store in Columbus, Ohio, on June 24, 2021.
• Home-improvement retailer Lowe’s opened one store in Holly Springs, North Carolina, in July 2021.
• Supermarket chain United Supermarkets opened one store in Lubbock, Texas, on June 30, 2021.
• Supermarket chain Market Basket opened one store in Johnston, Ohio, in July 2021.
• Home-furnishing retailer Ashley HomeStore opened two stores in July 2021.
• Grocery store chain Bashas’ opened one store in Shiprock, New Mexico, in July 2021.
• Grocery store chain Fresh Thyme Market plans to open one store in St. Louis, Missouri, in 2021.
• Grocery retailer Whole Foods Market opened one store in Tampa, Florida, on July 7, 2021.
• Sports and athleisure retailer Hibbett Sports opened two stores in July 2021.
• Luxury retailer Fendi opened one flagship store in New York on July 16, 2021.
• Sports equipment retailer Sportsman’s Warehouse opened one store in Grand Island, Nebraska, on July 18, 2021.
• Grocery retailer Trader Joe’s opened one store in Saratoga County, New York in July 2021.
• Apparel retailer Ganni opened one store in Brooklyn, New York, on July 23, 2021.
• Apparel retailer J.Crew plans to open one store in Richmond, Virginia, in August 2021.

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.