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 June 25, 2021 (corresponding to week 25 in our Weekly US and UK Store Openings and Closures Tracker) versus the comparable period in 2020 (the 26 weeks ended June 26, 2020).

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

As of June 25, 2021, major US retailers have announced 4,626 store closures for this year. This compares to 4,903 announced closures in the comparable period of 2020, as we discuss later in this report. In June 2021, the following retailers made store closure announcements:

• Abercrombie & Fitch has closed 28 stores in year-to-date 2021, which represent 15% of its total store base of 190 stores. The closures account for an estimated 210,000 square feet of total retail space.
• At Home has closed two stores in year-to-date 2021, which represent 1% of its total store base of 219 stores. The closures account for an estimated 210,000 square feet of total retail space.
• Best Buy has closed 12 stores in year-to-date 2021, which represent 1% of its total store base of 991 stores. The closures account for an estimated 468,000 square feet of total retail space.
• Casey’s has closed five stores in year-to-date 2021, which represent less than 1% of its total store base of 2,219 stores. The closures account for an estimated 30,000 square feet of total retail space.
• Dollar General has closed 18 stores in year-to-date 2021, which represent less than 1% of its total store base. The closures account for an estimated 190,000 square feet of total retail space.
• Dollar Tree has closed eight stores in year-to-date 2021, which represent less than 1% of its total store base. The closures account for an estimated 100,000 square feet of total retail space.
• Express has closed 17 stores in year-to-date 2021, which represent less than 1% of its total store base. The closures account for an estimated 143,000 square feet of total retail space.
• Family Dollar has closed 26 stores in year-to-date 2021, which represent less than 1% of its total store base. The closures account for an estimated 297,000 square feet of total retail space.
• GameStop has closed an estimated 131 stores in year-to-date 2021, which represent 4% of its total US store base of 3,192 stores. The closures account for an estimated 223,000 square feet of total retail space.
• Golf Galaxy has closed two stores in year-to-date 2021, which represent 2% of its total store base. The closures account for an estimated 54,000 square feet of total retail space.
• Guess has closed six stores in year-to-date 2021, which represent 2% of its total store base of 254 stores. The closures account for an estimated 30,000 square feet of total retail space.
• Old Navy has closed four stores in year-to-date 2021, which represent less than 1% of its total store base of 1,225 stores. The closures account for an estimated 64,000 square feet of total retail space.
• Ulta Beauty has closed two stores in year-to-date 2021, which represent less than 1% of its total store base of 1,265 stores. The closures will account for an estimated 21,000 square feet of total retail space.
• Williams-Sonoma has closed 16 stores in year-to-date 2021, which represent 3% of its total store base. The closures will account for an estimated 170,000 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=1058 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. ***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. ****Williams-Sonoma includes Williams Sonoma and Pottery Barn store banners. *****Amazon includes Amazon Fresh and Amazon Go banners. Source: Company reports/Coresight Research Overall, the announced year-to date closures equate to over 52.1 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_129291" 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 15,000 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 June 25, 2021, major US retailers have announced 4,311 store openings. This compares to 3,040 announced openings in the comparable period of 2020, which we discuss later in this report. In June, the following retailers announced store openings for 2021:

• American Eagle Outfitters opened five stores in 2021, representing a 1% expansion of its existing store fleet of 931 stores in the US. The new openings will account for an estimated 33,000 square feet of total retail space.
• Costco plans to open six stores in 2021, representing an expansion of 1% of its existing store fleet of 552 stores in the US. The new openings will account for an estimated 876,000 square feet of total retail space.
• Designer Brands plans to open seven stores in 2021, representing an expansion of 1% of its existing store fleet of 521 stores. The new openings will account for an estimated 142,000 square feet of total retail space.
• Express opened two stores in 2021, representing an expansion of less than 1% of its existing store fleet of 592 stores. The new openings account for an estimated 17,000 square feet of total retail space.
• Harbor Freight Tools plans to open 46 stores in 2021, representing a 4% expansion of its existing store fleet of over 1,100 stores. The new openings will account for an estimated 725,000 square feet of total retail space.
• Hibbett Sports opened two stores in 2021, representing an expansion of less than 1% of its existing store fleet of 1,067 stores. The new openings account for an estimated 9,400 square feet of total retail space.
• Hollister opened two stores in 2021, representing an expansion of 1% of its existing store fleet of 347 stores. The new openings account for an estimated 13,500 square feet of total retail space.
• Kirkland’s opened two stores in 2021, representing an expansion of 1% of its existing store fleet of 373 stores. The new openings account for an estimated 16,000 square feet of total retail space.
• Lululemon plans to open an estimated 25 stores in 2021, representing an expansion of 8% of its existing store fleet of 314 stores in the US. The new openings will account for an estimated 78,000 square feet of total retail space.
• Lumber Liquidators plans to open seven LL Flooring stores in 2021, representing an expansion of 2% of its existing store base of 410 stores. The new openings will account for an estimated 49,800 square feet of total retail space.
• QuickChek plans to open eight stores in 2021, representing a 5% expansion of its existing store fleet of 156 stores. The new openings will account for an estimated 44,000 square feet of total retail space.
• Tilly’s plans to open nine stores in 2021, representing an expansion of 4% of its existing store fleet of 238 stores. The new openings will account for an estimated 66,000 square feet of total retail space.
• Vince Holding plans to open 18 stores in 2021, representing a 25% expansion of its existing store fleet of 71 stores. The new openings will account for an estimated 44,800 square feet of total retail space.
• Wawa plans to open 38 stores in 2021, representing an expansion of 4% of its existing store fleet of 900 stores. The new openings will account for an estimated 228,800 square feet of total retail space.
• Williams-Sonoma opened two stores in 2021, representing an expansion of less than 1% of its existing store fleet of 572 stores. The new openings will account for an estimated 21,000 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=1059 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. **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 ***Aerie includes Aerie and OFFLINE stores. ****TJX Companies includes HomeGoods, Homesense, Marmaxx and Sierra stores *****Amazon includes Amazon Fresh and Amazon Go banners ****** Williams-Sonoma includes Williams Sonoma and Pottery Barn store banners. Source: Company reports/Coresight Research Overall, the announced year-to-date openings equate to over 58.4 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_129293" 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 27,000 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, both store closure and opening announcement totals are ahead of 2021. Year-to-date announced store closures in June 2021 are led by apparel retailers, which account for 2,056 closures, representing 44% of total closures. The year-to-date equivalent closures for June 2020 were led by apparel retailers which account for 1,631 closures, representing 33% of total closures. Year-to-date announced store openings in June 2021 are led by discount store retailers, which account for 1,931 openings, representing 45% of total openings. The year-to-date equivalent openings for June 2020 were also led by discount store retailers, which account for 1,662 openings, representing 55% 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=240]   [wpdatachart id=241]

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June 2021 spans weeks 22 to 25, 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

Jewelry retailer Alex and Ani filed for bankruptcy on June 10, 2021, taking the total number of US bankruptcy filings so far this year to nine. The retailer is currently looking for a buyer for its assets and has also entered into a restructuring support agreement with its lenders and equity sponsors. The company will continue to operate its 74 stores during the bankruptcy procedures. In the tables below, we offer a comparative view of year-to-date bankruptcy filings as of March 26, 2021, versus March 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 June 30, 2021 [wpdatatable id=1062 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 June 30, 2020 [wpdatatable id=1063 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 June 2021 

• Apparel retailers Gap and Banana Republic opened one store each in the first quarter, ended May 1, 2021.
• Electronics and appliance retailer Conn’s Home Plus opened one store in Ocala, Florida in June 2021, taking its store count to 152.
• Furniture retailer Timothy Oulton plans to open its eighth store, in New York in July 2021.
• Apparel retailer Aerie closed one store in its first quarter, ended May 1, 2021.
• Supermarket chain 99 Ranch opened one store in Chandler, Arizona on May 26, 2021, takings its total store count to 54.
• Travel retailer Hudson opened its second contactless Hudson Nonstop store, in Chicago Midway airport, in June 2021.
• Luxury retailer Hermès opened its 38th US store, in Troy, Michigan on June 11, 2021.
• Grocery retailer Schnucks closed one store in St. Louis, Missouri on June 27, 2021, taking its store count to 110.
• Department store chain Dillard’s plans to close one store in Harlingen, Texas in September 2021, which will take its store count to 279 stores.
• Apparel retailer Vera Bradley opened one store in its first quarter, ended May 1, 2021.
• Lumber Liquidators, parent company of flooring tile retailer LL Flooring, closed one store in its first quarter, ended May 1, 2021.
• Footwear retailer Rothy’s opened its sixth store, in Chicago, in June 2021.
• Discount grocery retailer Save A Lot plans to close one store in Wichita, Kansas in July 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.