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 total store base as well as square-footage impact. In the report, we also compare year-to-date announced closures and openings as of May 27, 2022 (corresponding to week 21 in our Weekly US and UK Store Openings and Closures Tracker) versus the comparable period in 2021 (the four weeks ended May 28, 2021).

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

As of May 27, 2022, major US retailers have announced 1,587 store closures this year. This compares to 4,380 announced closures in the comparable period of 2021, as we discuss later in this report. In May 2022, the following retailers made store closure announcements:

• Ahold Delhaize has closed three stores year to date, representing less than 1% of its total store base of 2,048 stores. The closures account for an estimated 97,000 square feet of total retail space.
• Barnes & Noble plans to close three stores in 2022, representing 1% of its total store base of 600 stores. The closures will account for an estimated 42,000 square feet of total retail space.
• Best Buy has closed an estimated seven stores year to date, representing 1% of its total store base of 983 stores. The closures account for an estimated 265,000 square feet of total retail space.
• Dillard’s has closed one store year to date, representing less than 1% of its total store base of 252 stores. The closure accounts for an estimated 170,000 square feet of total retail space.
• Dillard’s Clearance Center has closed one store year to date, representing 3% of its total store base of 30 stores. The closure accounts for an estimated 66,000 square feet of total retail space.
• Foot Locker has closed an estimated 119 stores year to date, representing 6% of its total store base of 1,987 stores. The closures account for an estimated 494,000 square feet of total retail space.
• Fossil Group has closed 11 stores year to date, representing 6% of its total store base of 170 stores. The closures account for an estimated 15,000 square feet of total retail space.
• Nordstrom has closed 11 stores year to date, representing 4% of its total store base of 267 stores. The closures account for an estimated 1 million square feet of total retail space.
• Office Depot has closed six stores year to date, representing 1% of its total store base of 1,038 stores. The closures account for an estimated 120,000 square feet of total retail space.
• Party City has closed one store year to date, representing less than 1% of its total store base of 824 stores. The closure accounts for an estimated 13,000 square feet of total retail space.
• Ralph Lauren has closed two stores year to date, representing less than 1% of its total store base of 237 stores. The closures account for an estimated 16,000 square feet of total retail space.
• Rite Aid plans to close an estimated 114 stores in 2022, representing 5% of its total store base of 2,451 stores. The closures will account for an estimated 1.5 million square feet of total retail space.
• Sprouts Farmers Market has closed one store year to date, representing less than 1% of its total store base of 374 stores. The closure accounts for an estimated 29,000 square feet of total retail space.
• Steven Madden has closed one store year to date, representing less than 1% of its total store base of 215 stores. The closure accounts for an estimated 2,000 square feet of total retail space.
• Tapestry has closed 13 stores year to date, representing 2% of its total store base of 606 stores. The closures account for an estimated 60,000 square feet of total retail space.
• The Home Depot has closed one store year to date, representing less than 1% of its total store base of 2,137 stores. The closure accounts for an estimated 104,000 square feet of total retail space.
• Tops Markets has closed one store year to date, representing 1% of its total store base of 151 stores. The closure accounts for an estimated 57,000 square feet of total retail space.
• Under Armour has closed one store year to date, representing 1% of its total store base of 180 stores. The closure accounts for an estimated 5,000 square feet of total retail space.
• Whole Foods Market plans to close six stores in 2022, representing 1% of its total store base of 512 stores. The closures will account for an estimated 288,000 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=2027 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 May 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 27.0 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_148583" align="aligncenter" width="700"] Total includes a small number of retailers that will each close less than 26,000 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 May 27, 2022, major US retailers have announced 4,229 store openings. This compares to 3,980 announced openings in the comparable period of 2021, which we discuss later in this report. In May 2022, the following retailers announced store openings for 2022:

• Ahold Delhaize has opened one store year to date, representing less than 1% of its total store base of 2,048 stores. The opening accounts for an estimated 32,000 square feet of total retail space.
• Allsup’s has opened three stores year to date, representing 1% of its total store base of 400 stores. The openings account for an estimated 17,000 square feet of total retail space.
• Aritzia has opened seven stores year to date, representing 18% of its total store base of 40 stores. The openings account for an estimated 42,000 square feet of total retail space.
• Bath & Body Works has opened an estimated 13 stores year to date, representing 1% of its total store base of 1,672 stores. The openings account for an estimated 50,000 square feet of total retail space.
• Best Buy plans to open four stores in 2022, representing less than 1% of its total store base of 983 stores. The openings will account for an estimated 150,000 square feet of total retail space.
• Buc-ee’s has opened four stores year to date, representing 10% of its total store base of 41 stores. The openings account for an estimated 212,000 square feet of total retail space.
• Citi Trends plans to open an estimated 22 stores in 2022, representing 4% of its total store base of 600 stores. The openings will account for an estimated 297,000 square feet of total retail space.
• Cotton On plans to open eight stores in 2022, representing 67% of its total store base of 12 stores. The openings will account for an estimated 16,000 square feet of total retail space.
• Crocs has opened two stores year to date, representing 1% of its total store base of 173 stores. The openings account for an estimated 3,000 square feet of total retail space.
• Daiso Japan plans to open 15 stores in 2022, representing 19% of its total store base of 77 stores. The openings will account for an estimated 90,000 square feet of total retail space.
• Ethan Allen has opened two stores year to date, representing 1% of its total store base of 135 stores. The openings account for an estimated 31,000 square feet of total retail space.
• Foot Locker has opened an estimated 30 stores year to date, representing 2% of its total store base of 1,987 stores. The openings account for an estimated 125,000 square feet of total retail space.
• Herman Miller plans to open six stores in 2022, representing 13% of its total store base of 48 stores. The openings will account for an estimated 11,000 square feet of total retail space.
• Hermès has opened one store year to date, representing 3% of its total store base of 39 stores. The opening accounts for an estimated 5,000 square feet of total retail space.
• L.L.Bean has opened one store year to date, representing 2% of its total store base of 55 stores. The opening accounts for an estimated 15,000 square feet of total retail space.
• Madison Reed plans to open 12 stores in 2022, representing 18% of its total store base of 68 stores. The openings will account for an estimated 24,000 square feet of total retail space.
• Mango plans to open 11 stores in 2022, representing 138% of its total store base of 8 stores. The openings will account for an estimated 165,000 square feet of total retail space.
• Mejuri plans to open an estimated 12 stores in 2022, representing 200% of its total store base of 6 stores. The openings will account for an estimated 13,000 square feet of total retail space.
• Murphy USA has opened six stores year to date, representing less than 1% of its total store base of 1,521 stores. The openings account for an estimated 17,000 square feet of total retail space.
• Psycho Bunny plans to open 29 stores in 2022, representing 132% of its total store base of 22 stores. The openings will account for an estimated 39,000 square feet of total retail space.
• Ralph Lauren has opened four stores year to date, representing 2% of its total store base of 237 stores. The openings account for an estimated 32,000 square feet of total retail space.
• Rent-A-Center has opened six stores year to date, representing less than 1% of its total store base of 1,846 stores. The openings account for an estimated 36,000 square feet of total retail space.
• Showcase plans to open 27 stores in 2022, representing 270% of its total store base of 10 stores. The openings will account for an estimated 54,000 square feet of total retail space.
• Sportsman’s Warehouse has opened two stores year to date, representing 2% of its total store base of 124 stores. The openings account for an estimated 50,000 square feet of total retail space.
• Tempur Sealy plans to open an estimated 18 stores in 2022, representing 9% of its total store base of 192 stores. The openings will account for an estimated 63,000 square feet of total retail space.
• The Container Store plans to open an estimated 12 stores in 2022, representing 13% of its total store base of 94 stores. The openings will account for an estimated 300,000 square feet of total retail space.
• Vince Holding has opened two stores year to date, representing 2% of its total store base of 84 stores. The openings account for an estimated 4,000 square feet of total retail space.
• Whole Foods Market has opened six stores year to date, representing 1% of its total store base of 512 stores. The openings account for an estimated 288,000 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=2028 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 May 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 72.8 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_148584" 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 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, openings announcement totals are ahead in 2022, while closure announcements are behind. Year-to-date announced store closures in May 2022 are led by apparel retailers, which account for 561 closures, representing 35% of total closures. The year-to-date equivalent closures for May 2021 were also led by apparel retailers, which accounted for 2,025 closures, representing 46% of total closures. Year-to-date announced store openings in May 2022 are led by discount store retailers, which account for 1,975 openings, representing 47% of total openings. The year-to-date equivalent openings for May 2021 were also led by discount store retailers, which accounted for 1,931 openings, representing 49% 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=450]   [wpdatachart id=451]

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May 2022 and 2021 span weeks 18 to 21. 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 May 2022. In the table below, we list bankruptcy filings for the comparable period of 2021, ended May 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. 2021 Major US Retail Bankruptcies as May 27, 2021 [wpdatatable id=2032 table_view=regular]

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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.