The US

2019 Major US Store Closures and Openings

Year to date in 2019, US retailers have announced they will close 7,922 stores and open 3,231. Coresight Research estimates US store closures could reach 12,000 by the end of 2019. By week 15 of 2019, year-to-date announced closures had already exceeded the total for all of 2018. We recorded 5,844 closures and 3,258 openings for the full year 2018. Our data represents closures and openings by calendar year.

Our closure estimates for Walgreens have been revised this week following a clarification from the company.

What Is Happening This Week in the US

Avenue to Shut 260 Stores

Women’s plus-size clothing retailer Avenue plans to close 260 stores in the coming weeks, according to Retail Dive. Earlier this month, the New York Post reported that Avenue will shut 260 stores if it does not find a buyer by the end of September. The retailer has not publicly announced its closure plans, but employees were reportedly informed about the liquidation plans over a conference call.

CVS Health to Open 100 Stores

Pharmacy retailer CVS Health has announced it will open 100 stores in 2019 and 50 stores in 2020. The retailer usually opens around 300 stores annually but will slow the pace of its store expansion this year by opening one-third of the number of stores it usually does, while next year will see a further reduction, according to a company spokesperson.

Coresight Research Insight: CVS is focused on expanding its HealthHUB concept (which offers digital tools, health kiosks and personalized care) across its 1,500 existing locations by 2021. As healthcare trends shift toward holistic wellness, CVS and rival Walgreens are closing unprofitable stores and slowing openings in overserved regions. This will help them direct financial and other resources to more lucrative initiatives that align with what consumers want. 

Foot Locker Opens New Power Store in Partnership with Nike

Sportswear and footwear retailer Foot Locker has partnered with Nike and opened a Power Store in New York on August 10, 2019. This is the first Foot Locker store that will feature Nike’s proprietary digital technology. The company has already opened three Power stores this year, one in Detroit and two in Philadelphia and plans to open more than a dozen Power stores in 2019.

Coresight Research Insight: This partnership of a world class iconic global footwear brand with Foot Locker in a tech-enhanced community store fits nicely with Coresight Research’s BEST at Retail framework for brick-and-mortar stores and should benefit both partners via enhanced brand building and the instore experience. We expect to see more retailer/brand collaborations to drive consumer engagement. 

Party City to Close 55 stores

Party supplies retailer Party City has announced it will close 10 additional stores in 2019. This follows the company’s announcement in May that it will close 45 stores in 2019, taking the overall closure count for this year to 55. The company had closed nine stores and opened five as of June 30, 2019.

Non-Store-Closure News

Rite Aid Names Heyward Donigan as CEO

Drugstore chain Rite Aid announced in a press statement on August 12 that it has appointed Heyward Donigan as CEO and member of the board, effective immediately. In connection with this development, John Standley will step down from his role of CEO. Donigan has 30 years of experience in the healthcare industry and most recently served as the President and CEO of Sapphire Digital. She has previously held executive positions at General Electric, Empire BCBS and U.S. Healthcare.

[caption id="attachment_94724" align="aligncenter" width="700"] Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. We estimate this for some retailers, including Abercrombie & Fitch, Athleta, Ascena Retail, Chico’s, Gap, Hibbett Sports, Old Navy Signet Jewelers, Tuesday Morning and Walgreens. Our closure estimates for Athleta, Gap, GNC, GIII and Old Navy are based on proportion of existing stores in the US.*Total includes a small number of retailers that each announced less than seven store openings and are not included in the chart.
**Ascena Retail excluding Dressbarn; these estimates were revised in week 24 from 400 to 120 based on closures announced in the company’s latest results announcement.
Source: Company reports/Coresight Research [/caption]     [caption id="attachment_94725" align="aligncenter" width="700"] Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. We estimate this information for some retailers, including Aldi, Five Below, Family Dollar, Dollar Tree and Costco. Our estimate of store openings for Levi’s and Foot Locker is based on proportion of existing stores in the US.
*Total includes a small number of retailers that each announced less than four store openings and are not included in the chart.
**Indochino openings refer to North America total openings, excluding one opening announced for the Greater Toronto Area.
Source: Company reports/Coresight Research [/caption]     2019 Major US Uncharted Openings and Closures The table below shows announced openings and closures that we have not included in our totals, as the companies did not provide detail on timing or location. [caption id="attachment_94726" align="aligncenter" width="700"] Source: Company reports/Coresight Research[/caption]     [caption id="attachment_94727" align="aligncenter" width="700"] *Total includes a small number of retailers that each announced between one and five store closures and are not included in the chart above **Foot Locker includes the Foot Locker, Lady Foot Locker, Champs Sports, Foot Action and SIX:O2 banners
***Urban Outfitters includes the Urban Outfitters, Free People and Anthropologie banners
Source: Company reports/Coresight Research [/caption]     [caption id="attachment_94728" align="aligncenter" width="700"] *Total includes a small number of retailers that each announced one or two store openings and are not included in the chart above
**Urban Outfitters includes the Urban Outfitters, Free People and Anthropologie banners
***Foot Locker includes Foot Locker, Lady Foot Locker, Champs Sports, Foot Action and SIX:O2 banners
Source: Company reports/Coresight Research [/caption]   2019 Major US Retail Bankruptcies [caption id="attachment_94729" align="aligncenter" width="700"] *A’gaci filed for bankruptcy for the second time after entering and exiting bankruptcy in 2018
Source: Company reports/Coresight Research [/caption]   2018 Major US Retail Bankruptcies [caption id="attachment_94730" align="aligncenter" width="700"] *A’gaci emerged from bankruptcy in August 2018
**Mattress Firm emerged from Bankruptcy in November 2018
***Sears Holdings emerged from bankruptcy in January 2019
Source: Company reports/Coresight Research   [/caption]  

The UK

2019 Major UK Store Closures and Openings

Year to date in the UK, major retailers have announced 416 store closures and 626 store openings. Our data represents closures and openings by calendar year.

What Is Happening This Week in the UK

Card Factory to Open 50 Net New Stores

Greeting card and gift retailer Card Factory plans to open 50 net new stores across UK and Ireland in its fiscal year ending January 31, 2020. The retailer opened 26 net new stores in its first half ended July 31, 2019. As of June 5, 2019, the company operated 972 stores in the UK and seven stores in Ireland.

Office Plans to Shutter 50 Stores

Footwear retailer Office, owned by South African clothing retailer Truworths, plans to close 50 UK stores in the next few years, according to Sky News. The retailer has no “immediate” plans to shut stores according to a company spokesperson but Truworths will reportedly finalize plans for Office in the near future. These closures are not included in the chart as the company has not divulged information regarding the timeline.

Superdrug to Open a Store in Channel Islands

Health and beauty retailer Superdrug announced it will open a new store on the Channel Islands on August 15, 2019. The company has planned 13 new store openings this summer and has already opened one store each in Glasgow, Chester, Liverpool and Leeds. The retailer intends to open the remaining eight stores in locations including London, Bolton and Newcastle. Superdrug closed two stores this year and plans to open 14 additional stores by the end of this year.

[caption id="attachment_94731" align="aligncenter" width="700"] Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. We estimate this information for some retailers, including B&M, Homebase, Laura Ashley and New Look
*Total includes a small number of retailers that each announced one or two store closures and are not included in the chart
Source: Company reports/Coresight Research [/caption]   [caption id="attachment_94732" align="aligncenter" width="700"] Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. We estimate this information for some retailers, including Iceland and Heron Foods. Our estimate of store openings for Card Factory is based on proportion of net existing stores in the UK.
*Total includes a small number of retailers that each announced one or two store openings and are not included in the chart
Source: Company reports/Coresight Research [/caption]   2019 Major UK Uncharted Openings and Closures [caption id="attachment_94733" align="aligncenter" width="700"] Source: Company reports/Coresight Research[/caption]   [caption id="attachment_94734" align="aligncenter" width="700"] Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur, and we estimate this information for some retailers, including Argos, B&M, Homebase, M&S, Monsoon Accessorize, Sainsbury’s and Tesco
Source: Company reports/Coresight Research [/caption]   [caption id="attachment_94735" align="aligncenter" width="700"] Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur, and we estimate this information for some retailers, including B&M, Footasylum, Greggs, Habitat, Hema, Heron Foods, House, Iceland, Lidl, M&Co, M&S, Pets at Home, Sainsbury’s and Smiggle
Source: Company reports/Coresight Research [/caption]   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.