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 reports. We include retailer-level details on closures and openings as a percentage of the total store base, as well as square-footage impact. 

In the report, we also compare year-to-date announced closures and openings as of July 29, 2022 (corresponding to week 30 in our Weekly US and UK Store Openings and Closures Tracker) versus the comparable period in 2021 (the four weeks ended July 30, 2021). 

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

As of July 29, 2022, major US retailers have announced 1,954 store closures this year. This compares to 4,601 announced closures in the comparable period of 2021, as we discuss later in this report. 

In July 2022, the following retailers made store closure announcements:

• Albertsons has closed five 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 223,000 square feet of total retail space.
• Alimentation Couche-Tard has closed 152 stores year to date in 2022, representing 2% of its total store base of 9,166 stores. The closures account for an estimated 395,000 square feet of total retail space.
• Bed Bath & Beyond has closed six stores year to date in 2022, representing less than 1% of its total store base of 995 stores. The closures account for an estimated 204,000 square feet of total retail space.
• Chico’s has closed 40 stores year to date in 2022, representing 3% of its total store base of 1,297 stores. The closures account for an estimated 138,000 square feet of total retail space.
• Foodtown has closed one store year to date in 2022, representing 2% of its total store base of 64 stores. The closure accounts for an estimated 29,000 square feet of total retail space.
• Olympia Sports plans to close 35 stores in 2022, its total store base. The closures will account for an estimated 158,000 square feet of total retail space.
• Publix Super Markets has closed two stores year to date in 2022, representing less than 1% of its total store base of 1,295 stores. The closures account for an estimated 94,000 square feet of total retail space.
• Reiss has closed one store year to date in 2022, representing 2% of its total store base of 54 stores. The closure accounts for an estimated 3,000 square feet of total retail space.
• Skechers has closed 17 stores year to date in 2022, representing 3% of its total store base of 515 stores. The closures account for an estimated 51,000 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=2167 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 February 2022 for most public companies. *Total store base is for North America as a US-specific breakdown could not be obtained. **Aerie includes Aerie stores and OFFLINE stores. Amazon includes Amazon Fresh, Amazon Go and Amazon Style 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 30.1 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_152845" align="aligncenter" width="700"] Total includes a small number of retailers that will each close less than 48,000 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 July 29, 2022, major US retailers have announced 4,432 store openings. This compares to 4,322 announced openings in the comparable period of 2021, which we discuss later in this report.

In July 2022, the following retailers announced store openings for 2022:

• Alimentation Couche-Tard has opened 49 stores year to date in 2022, representing 1% of its total store base of 9,166 stores. The openings account for an estimated 127,000 square feet of total retail space.
• Amazon plans to open 23 stores in 2022, representing 21% of its total store base of 107 stores. The openings will account for an estimated 900,000 square feet of total retail space.
• Barnes & Noble has opened four stores year to date in 2022, representing less than 1% of its total store base of 600 stores. The openings account for an estimated 56,000 square feet of total retail space.
• Bed Bath & Beyond has opened 18 stores year to date in 2022, representing 2% of its total store base of 995 stores. The openings account for an estimated 612,000 square feet of total retail space.
• Boot Barn has opened two stores year to date in 2022, representing 1% of its total store base of 297 stores. The openings account for an estimated 26,000 square feet of total retail space.
• Buc-ee’s has opened five stores year to date in 2022, representing 12% of its total store base of 41 stores. The openings account for an estimated 265,000 square feet of total retail space.
• Burberry Group has opened two stores year to date in 2022, representing 1% of its total store base of 339 stores. The openings account for an estimated 6,000 square feet of total retail space.
• Carhartt has opened one store year to date in 2022, representing 3% of its total store base of 35 stores. The opening accounts for an estimated 4,000 square feet of total retail space.
• Club Champion plans to open eight stores in 2022, representing 9% of its total store base of 89 stores. The openings will account for an estimated 35,000 square feet of total retail space.
• Conn’s HomePlus has opened one store year to date in 2022, representing 1% of its total store base of 184 stores. The opening accounts for an estimated 40,000 square feet of total retail space.
• Giant Food Stores has opened three stores year to date in 2022, representing 2% of its total store base of 157 stores. The openings account for an estimated 151,000 square feet of total retail space.
• Givenchy has opened one store year to date in 2022, representing 2% of its total store base of 44 stores. The opening accounts for an estimated 4,000 square feet of total retail space.
• Harbor Freight Tools has opened 40 stores year to date in 2022, representing 3% of its total store base of 1,286 stores. The openings account for an estimated 630,000 square feet of total retail space.
• Hobby Lobby has opened 16 stores year to date in 2022, representing 2% of its total store base of 961 stores. The openings account for an estimated 880,000 square feet of total retail space.
• Hudson has opened one store year to date in 2022, representing less than 1% of its total store base of 540 stores. The opening accounts for an estimated 1,000 square feet of total retail space.
• Leslie’s plans to open 17 stores in 2022, representing 2% of its total store base of 970 stores. The openings will account for an estimated 85,000 square feet of total retail space.
• Lids plans to open 13 stores in 2022, representing 1% of its total store base of 1,100 stores. The openings will account for an estimated 91,000 square feet of total retail space.
• Louis Vuitton plans to open one store in 2022, representing 1% of its total store base of 114 stores. The opening will account for an estimated 3,000 square feet of total retail space.
• Natural Grocers has opened one store year to date in 2022, representing 1% of its total store base of 163 stores. The opening accounts for an estimated 17,000 square feet of total retail space.
• Publix Super Markets has opened three stores year to date in 2022, representing less than 1% of its total store base of 1,295 stores. The openings account for an estimated 141,000 square feet of total retail space.
• Rag & Bone has opened three stores year to date in 2022, representing 6% of its total store base of 50 stores. The openings account for an estimated 9,000 square feet of total retail space.
• REI has opened two stores year to date in 2022, representing 1% of its total store base of 135 stores. The openings account for an estimated 43,000 square feet of total retail space.
• Saks Fifth Avenue plans to open one store in 2022, representing 1% of its total store base of 99 stores. The opening will account for an estimated 30,000 square feet of total retail space.
• Total Wine has opened one store year to date in 2022, representing less than 1% of its total store base of 235 stores. The opening accounts for an estimated 23,000 square feet of total retail space.
• Watches of Switzerland has opened three stores year to date in 2022, representing 8% of its total store base of 36 stores. The openings account for an estimated 15,000 square feet of total retail space.
• Whole Foods Market has opened nine stores year to date in 2022, representing 2% of its total store base of 512 stores. The openings account for an estimated 432,000 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=2168 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 February 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, Amazon Go 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 75.2 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_152846" align="aligncenter" width="700"] Total includes a small number of retailers that will each open less than 101,000 square feet of new retail space and are not included in the chart.
Aerie includes Aerie stores and OFFLINE stores. Amazon includes Amazon Fresh, Amazon Go 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, as well as the comparative figures for 2021. Compared to this time last year, opening announcements are ahead in 2022, while closure announcements are behind. 

Year-to-date announced store closures in July 2022 are led by apparel retailers, which account for 647 closures, representing 33% of total closures. 

The year-to-date equivalent closures for July 2021 were also led by apparel retailers, which accounted for 2,055 closures, representing 44% of total closures. 

Year-to-date announced store openings in July 2022 are led by discount store retailers, which account for 1,940 openings, representing 43% of total openings. 

The year-to-date equivalent openings for July 2021 were also led by discount store retailers, which accounted for 1,931 openings, representing 44% 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=488]   [wpdatachart id=489]

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July 2022 and 2021 span weeks 26 to 30. 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

Revlon filed for bankruptcy in July 2022. In the tables below, we offer a comparative view of year-to-date bankruptcy filings as of July 31, 2022, versus July 31, 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. 2022 Major US Retail Bankruptcies as July 31, 2022 [wpdatatable id=2171 table_view=regular]

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Source: Company reports/Coresight Research

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Figure 7. 2021 Major US Retail Bankruptcies as July 31, 2021 [wpdatatable id=2172 table_view=regular]

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*Belk emerged from bankruptcy in March 2021 **The Collected Group emerged from bankruptcy in June 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.