DIpil Das
The US
2020 Major US Store Closures and Openings Year to date in 2020, US retailers have announced 4,140 planned store closures and 3,351 openings. Our data represent closures and openings by calendar year, so these totals include announcements made in 2019 of closures and openings expected to fall in 2020. The below chart depicts the week-by-week totals of US store closures and openings year to date in 2020.US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=80]
Source: Company reports/Coresight Research
As part of our methodology, we update the 2019 closures and openings numbers on an ongoing basis when we obtain confirmed information from company releases and filings, and these adjustments will continue through 2020.
Coronavirus Update: US States and Stores Are Reopening
Many US retailers have reopened stores, as many state governments have relaxed their lockdown restrictions. This week saw reopening updates from Five Below and Genesco, among others.
See the Coresight Research Coronavirus Tracker for regularly updated details of announced store reopenings and US states that are permitting the reopening of businesses.
What Is Happening This Week in the US
RH To Open Two Stores
Upscale home-furnishings retailer RH announced in its first-quarter earnings call that it will open a new “gallery” (RH’s terminology for store) in Charlotte in mid-June and another in Marin by the end of June or early July. The company also reported that it opened a gallery in Raleigh during its first quarter and operates a total of 84 galleries globally (including 79 US galleries) as of May 2, 2020.
Coresight Research insight: RH’s first-quarter revenues were considerably impacted by the closure of its galleries, restaurants and outlets from March 17 through the rest of the quarter ended May 2, but it still saw week-over-week improvement in business trends during this period. The company attributed this to the strength of its multichannel platform and its membership model, which allowed RH to engage with customers virtually. The company had reopened about 74% of its galleries, 68% of its outlets and 50% of its restaurants as of June 3 and expects that business trends will continue to improve during the second quarter as the rest of its galleries reopen.
RTW Retailwinds May File for Bankruptcy and Shut More Than 150 Stores
Women’s fashion apparel and accessories retailer RTW Retailwinds has announced in a securities filing that filing for bankruptcy is a possibility for the company. The retailer also indicated that it may shut over 150 stores, or even all its stores, should it file for bankruptcy.
Signet Jewelers To Permanently Shutter 150 Stores
Jewelry retailer Signet Jewelers—parent to brands such as H.Samuel, Jared, Kay, Peoples, Piercing Pagoda and Zales—has announced that it will close around 400 stores globally this year, including about 150 in North America and 80 in the UK. The retailer currently operates a fleet of around 3,200 stores globally. In Signet Jewelers’ first-quarter earnings call, CEO Virginia Drosos highlighted that the company reduced its store footprint by 13% over the last few years, mainly by “moving out of all D malls and regional banners,” as part of its “Path to Brilliance” strategy. Drosos added that Signet Jewelers is now accelerating its store-optimization plan by reducing its exposure to declining C and B malls.
Tailored Brands Considers Filing for Bankruptcy
Tailored Brands, parent company to Men’s Wearhouse and Jos. A. Bank, is reportedly considering filing for bankruptcy, according to Bloomberg. The company has reportedly been trying to contact interested parties as part of a restructuring plan to manage more than $1 billion in debt.
Quarterly Store Openings/Closures Settlement
American Eagle Outfitters Closes Five and Opens Three Stores
Lifestyle clothing and accessories retailer American Eagle Outfitters, Inc. has reported that it closed five stores—four American Eagle stores and one Aerie store—during its first quarter of fiscal year 2020, ended May 2. The company opened two American Eagle stores and one Aerie store during the quarter.
Coresight Research insight: American Eagle Outfitters has been a standout performer as measured by sales productivity in reopened stores, with management noting 95% sales-productivity rates last week.
Casey’s Opens 74 Stores and Closes 13
Convenience-store chain Casey’s has reported that it opened 74 new stores—60 newly constructed stores and 14 acquired stores—in fiscal year 2020, ended April 30. It closed 13 stores during fiscal year 2020. Casey’s also stated that it opened six new stores and has eight stores under construction in the first quarter of fiscal year 2021, as of June 9, 2020.
Five Below Opens 20 Net New Stores
Discount-store chain Five Below has reported that it opened 20 net new stores during its first quarter of fiscal year 2020, ended May 2. The retailer operates 920 stores across the US, as of May 2, 2020 and expects to open 100–120 new stores in fiscal year 2020.
Coresight Research insight: Five Below this week reported that it has reopened around 90% of temporarily closed stores, with the first wave of reopenings having begun on April 21. Comparable sales for reopened stores, including e-commerce, are up an impressive 8% for the second quarter to date, with the contribution to comps split about evenly between stores and e-commerce. This positive underlying growth is a further indicator of stronger-than-expected demand in brick-and-mortar retail, although Five Below management pointed to potentially short-term gains from stimulus measures and noted that shoppers were consolidating their store visits.
Gap Closes 14 Stores and Opens Five
Clothing and accessories retailer Gap Inc. has reported that it closed 14 stores and opened five in North America during the first quarter of fiscal year 2020, ended May 2. Globally, it closed 48 stores and opened 40 stores during the same period. The retailer operates 1,761 stores across the US, as of May 2, 2020.
Coresight Research insight: Gap Inc. reported that reopened stores in North America are generating sales at nearly 70% of their performance last year, on average across its banners (Gap, Athleta, Banana Republic and Old Navy), with Old Navy outperforming this average. This is another sign that consumers are returning to retail post Covid-19.
Tiffany & Co. Closes Two Stores
Luxury jewelry and specialty retailer Tiffany & Co. has reported that it closed two stores and relocated two others globally during its first quarter, ended April 30. The retailer operates 123 stores in the Americas including at least 90 stores in the US, as of April 30, 2020.
[caption id="attachment_111354" 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 Bed Bath & Beyond, Foot Locker, Gap, GNC, H&M, JCPenney, Kmart, Sears and Signet Jewelers among others. Estimates for Abercrombie & Fitch, American Eagle Outfitters, Foot Locker, GameStop, GNC, G-III Apparel, Hollister and H&M are based on the existing proportion of stores in the US. Aerie, Banana Republic, Bed Bath & Beyond, Build-A-Bear, Chico’s, Gap, Genesco, Intermix, Michaels, Old Navy, Signet Jewelers, Tapestry and Williams-Sonoma closures pertain to North America closures. Ahold Delhaize includes Food Lion, Hannaford, Stop & Shop and The Giant Company banners. Foot Locker includes the Foot Locker, Lady Foot Locker, Champs Sports, Foot Action and SIX:O2 banners. Lululemon closures pertain to its Ivivva banner. Macy’s includes Macy’s and Bloomingdale’s banners. Papyrus includes American Greetings, Carlton Cards, Paper Destiny and Papyrus banners. Signet Jewelers includes Kay, Zales, Peoples, Jared and regional banners. Stage Stores includes Bealls, Goody’s, Palais Royal, Peebles and Stage banners. *Total includes a small number of retailers that each announced fewer than four store closures and are not included in the chart
Source: Company reports/Coresight Research [/caption] [caption id="attachment_111355" 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 Abercrombie & Fitch, Aldi, Casey’s, Dollar General, Foot Locker, Gap, Hollister and H&M among others. Estimates for Abercrombie & Fitch, American Eagle Outfitters, Foot Locker, Hollister, Home Depot and Levi’s are based on the existing proportion of stores in the US. Aerie, Athleta, Bed Bath & Beyond, Genesco, GNC, Michaels, Old Navy, Sephora, Tapestry, Under Armour and Urban Outfitters openings refer to North America openings. Ahold Delhaize includes Food Lion, Hannaford, Stop & Shop and The Giant Company banners. Amazon includes Amazon 4-Star and Amazon Go Grocery banners. Foot Locker includes the Foot Locker, Lady Foot Locker, Champs Sports, Foot Action and SIX:O2 banners. Hibbett Sports includes Hibbett and City Gear banners. Signet Jewelers includes Jared, Kay, Peoples, Zales and regional banners. TJX includes HomeGoods, Homesense, Marshalls, Sierra and T.J. Maxx banners. *Total includes a small number of retailers that each announced fewer than three store openings and are not included in the chart
Source: Company reports/Coresight Research [/caption] 2020 Major US Uncharted Openings and Closures The table below shows announced openings and closures not included in our totals, as the companies did not provide detail on timing or location.
[wpdatatable id=235 table_view=regular]
Source: Company reports/Coresight Research
[caption id="attachment_111356" 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, Pier 1 Imports, Tuesday Morning and Walgreens. Our closure estimates for Burberry and GIII-Apparel are based on the proportion of existing stores in the US. Ahold Delhaize includes Food Lion, Hannaford, Stop & Shop and The Giant Company banners. CVS includes retail drugstores, onsite pharmacy stores, specialty stores and pharmacies within Target stores. Dick’s Sporting Goods includes Dick’s Sporting Goods and specialty concept banners. Foot Locker includes Foot Locker, Lady Foot Locker, Kids Foot Locker, Champ Sports, Footaction, Intermix and SIX:02 banners. Lululemon includes Lululemon and Ivivva banners. Signet Jewelers includes Jared, Kay, Peoples, Zales and regional banners. Tailored Brands includes Men’s Wearhouse, Men’s Wearhouse and Tux, Jos. A. Bank and K&G banners. Tapestry includes Coach, Kate Spade and Stuart Weitzman. Banana Republic, Bed Bath & Beyond, Foot Locker, Gap, Genesco, GNC, Michaels, Old Navy, Ralph Lauren, Signet Jewelers, Tapestry and Williams-Sonoma closures pertain to North America. RTW Retailwinds includes New York & Company and Fashion to Figure banners. *Total includes a small number of retailers that each announced fewer than 20 store closures and are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_111359" 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, Costco, Dollar Tree, Five Below and Family Dollar. Estimates of store openings for Gap, Levi’s and Lululemon are based on the proportion of existing stores in the US. Estimates of store openings for H&M and TJX are based on net new stores in the US. Ahold Delhaize includes Food Lion, Hannaford, Stop & Shop and The Giant Company banners. Amazon includes Amazon Go, Amazon Books and Amazon 4-Star stores. CVS includes retail drugstores, onsite pharmacy stores, specialty stores and pharmacies within Target stores. Dick’s Sporting Goods includes Dick’s Sporting Goods and specialty concept banners. Foot Locker includes Foot Locker, Lady Foot Locker, Kids Foot Locker, Champ Sports, Footaction and SIX:02 banners. Macy’s includes Bloomingdale’s and Bluemercury banners. Signet Jewelers includes Jared, Kay, Peoples, Zales and regional banners. Tailored Brands includes Men’s Wearhouse. Tapestry includes Coach, Kate Spade and Stuart Weitzman. TJX includes TJ Maxx, Marshalls, HomeGoods, Sierra and HomeSense. Athleta, Banana Republic, Bed Bath & Beyond, Casper Sleep, Dufry AG, Foot Locker, Gap, Genesco, GNC, Michaels, Old Navy, Ralph Lauren, Signet Jewelers, Tapestry, Tempur Sealy and Williams-Sonoma openings refer to North America openings. RTW Retailwinds includes the New York & Company and Fashion to Figure banners. *Total includes a small number of retailers that each announced fewer than 15 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] 2020 Major US Retail Bankruptcies [wpdatatable id=236 table_view=regular] Revenue figure depicted for Centric Brands is for the nine-month period ended Sep 30, 2019 *Fairway Market filed for bankruptcy for the second time after entering and exiting bankruptcy in 2016. **True Religion Apparel filed for bankruptcy for the second time after entering and exiting bankruptcy in 2017. ***J.Crew Group includes J.Crew and Madewell banners N/A – Not Available Source: Company reports/Coresight Research 2019 Major US Retail Bankruptcies [wpdatatable id=237 table_view=regular] Revenue figure depicted for Gymboree is for the nine-month period ended Nov 3, 2018. *A’gaci filed for bankruptcy for the second time after entering and exiting bankruptcy in 2018. N/A – Not Available Source: Company reports/Coresight Research
The UK
2020 Major UK Store Closures and Openings For 2020, major retailers in the UK have announced 1,549 store closures and 420 store openings. Our data represent closures and openings by calendar year. This week, we have revised our 2019 closures count for Monsoon Accessorize, and this has changed our 2019 UK closure count to 759. We revised our 2019 openings count for The Works, and this has changed our 2019 UK openings count to 771. The below chart depicts the week-by-week totals of UK store closures and openings year to date in 2020.UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=81]
Source: Company reports/Coresight Research
What Is Happening This Week in the UK
Debenhams To Close Three More Stores Department-store chain Debenhams has announced that it will close another three stores permanently after failed negotiations with its landlord Intu, which is embroiled in financial troubles of its own. The latest stores slated for closure include outlets in Milton Keynes, Watford and the Metrocentre, Gateshead. With the latest announcement, Debenhams has confirmed that 20 stores are doomed for closure. Monsoon Accessorize To Shut 35 Stores Monsoon Accessorize, parent company of fashion retailers Accessorize and Monsoon, has announced that it will close 32 stores in the UK, after it entered into administration. The stores slated for closure include outlets in Basildon, Camberley, Lancaster and Maidstone, among others. [caption id="attachment_111360" 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 Boots, Debenhams, H&M, M&S and Sainsbury’s. Arcadia refers to Topshop and Topman banner store. McColl’s includes convenience stores and newsagents. Source: Company reports/Coresight Research [/caption] [caption id="attachment_111361" 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 Aldi, B&M, H&M, Lidl, M&S and Sainsbury’s. Card Factory is based on the proportion of net existing stores in the UK. Source: Company reports/Coresight Research [/caption] 2020 Major UK Uncharted Openings and Closures [wpdatatable id=239 table_view=regular] Source: Company reports/Coresight Research [caption id="attachment_111362" 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, Burberry, Homebase, Laura Ashley, M&S, New Look and Office. Arcadia includes Topshop, Topman and Miss Selfridge banners. McColl’s includes convenience stores and newsagents. *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_111363" 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, Iceland, Heron Foods and M&S. Our estimate of store openings for Card Factory is based on the proportion of net existing stores in the UK. Abercrombie & Fitch includes Abercrombie & Fitch and Hollister banners. Urban Outfitters includes the Anthropologie banner. H&M includes H&M and Weekday brands. McColl’s includes convenience stores and newsagents. *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] 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.