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The US
2020 Major US Store Closures and Openings Year to date in 2020, US retailers have announced 5,007 planned store closures and 3,342 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 chart below 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=85]Source: Company reports/Coresight Research
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 Apple and Designer Brands, 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
GNC Files for Bankruptcy Protection GNC, a retailer of health and wellness products, has filed for Chapter 11 bankruptcy protection, with a view to improving its balance sheet, reorganizing its business strategy and rationalizing its store fleet. The retailer expects to close 800–1,200 stores in the US and Canada as part of its plans to optimize its store portfolio. GNC operates 7,300 locations globally, including 5,200 locations in the US, as of March 31, 2020. JCPenney Confirms Second Batch of Store Closures Department-store chain JCPenney has confirmed plans to close a second batch of 13 stores, as it undergoes a comprehensive review of its retail footprint. The retailer had previously announced 136 permanent store closures as part of the first phase of its store-closure plan, and the latest batch of store closures constitutes phase two, with phase three coming in the near future. A small unspecified number of previously announced store closures are currently on hold until further review. In May this year, JCPenney announced plans to rationalize its store portfolio by closing 242 stores: 192 stores in fiscal year 2020, ending January 30, 2021, and 50 stores by the end of the second quarter of fiscal year 2021, ending July 31, 2022. RTW Retailwinds Edges Closer Toward Bankruptcy Women’s fashion apparel and accessories retailer RTW Retailwinds is preparing to file for bankruptcy protection, according to Bloomberg. In March this year, the retailer announced plans to close 150 stores over the next 18 months, as a part of its plan to transform into a digital-first portfolio of brands. It also revealed that if it seeks bankruptcy protection, it could close more than that 150 total—possibly all of its stores. As of February 1, 2020, RTW Retailwinds operates 387 retail and outlet stores across the US.Quarterly Store Openings/Closures Settlement
Designer Brands Opens One Store and Closes One Footwear retailer Designer Brands has reported that it opened one store and closed one in the US during the first quarter of fiscal year 2020, ending May 2. The retailer operates 521 stores in the US, as of May 2, 2020. Francesca’s Closes Eight Boutiques Apparel and accessories retailer Francesca’s has reported that it closed eight boutiques during the first quarter of fiscal year 2020, ended May 2, 2020. Last week, the retailer revealed in a Securities and Exchange Commission filing that its liquidity has suffered considerably as a result of the coronavirus pandemic and that there “is no assurance that we will have sufficient liquidity to continue operations.” The retailer operates 703 boutiques, as of May 2, 2020.Non-Store-Closure News
Office Depot Appoints New CFO Office Depot has appointed D. Anthony Scaglione as EVP and CFO, effective July 20, 2020. In this role, Scaglione will oversee all financial aspects, including financial planning and analysis, financial accounting, internal audit tax and treasury functions. Most recently, Scaglione worked as EVP and CFO at facility management company ABM Industries. [caption id="attachment_112071" 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.<br*Total includes a small number of retailers that each announced fewer than four store closures and are not included in the chartSource: Company reports/Coresight Research[/caption] [caption id="attachment_112072" 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=273]
Source: Company reports/Coresight Research
[caption id="attachment_112074" 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_112075" 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 are based on the proportion of existing stores in the US. Estimates of store openings for H&M, Lululemon Athletica 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=274]
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=275]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 1,670 store closures and 449 store openings. Our data represent closures and openings by calendar year. This week, we have revised our 2019 closures count for House of Fraser, and this has changed our 2019 UK closure 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=86]Source: Company reports/Coresight Research
What Is Happening This Week in the UK
Hotter May Close 65 Stores Footwear retailer Hotter is looking to significantly reduce its store portfolio and may close about 65 stores from its current portfolio of 80 stores, depending on the approval of a company voluntary agreement that it is preparing to launch. The retailer’s parent company, Electra Private Equity, said that management had been “in discussion with a number of its retail landlords to seek agreement to reduce the number of stores to a level and cost that allows Hotter to remain viable.” We have not included the closures in the chart as the plan is not yet confirmed. Lee Longlands Appoints Administrators Regional furniture retailer Lee Longlands has appointed administrators to protect its business from the impact of the coronavirus lockdown. The retailer operates six stores that have reopened following the appointment of administrators. Joint administrator Matt Ingram of advisory firm Duff & Phelps said that his company will be focusing on restructuring the retailer’s cash flow and exiting the administration period as soon as possible. Monsoon Accessorize To Close About 133 Stores Monsoon Accessorize, parent company of fashion retailers Accessorize and Monsoon, plans to permanently shut around 133 stores. It will reopen about 97 stores—87 Accessorize stores and 10 Monsoon stores—following the easing of lockdown restrictions. Founder of Monsoon Accessorize Peter Simon reacquired the retailer earlier this month via a new holding company Adena Brands in a pre-pack administration deal. Monsoon Accessorize currently operates 230 stores. Shoe Zone Closes 20 Stores Footwear retailer Shoe Zone has permanently closed 20 of its 490 stores and also made a number of jobs redundant at its head office to cut costs. All Shoe Zone stores were closed from March 24, 2020 due to the coronavirus lockdown. Last week, 415 stores had reopened in line with government guidelines, and stores in Scotland and Wales are set to reopen on June 29, 2020. The company has also accelerated negotiations with landlords and reduced, canceled or deferred orders from suppliers as far as possible in its endeavor to reduce cash outflows.Non-Store-Closure News
JD Sports Reacquires Go Outdoors from Administration JD Sports has bought back outdoor clothing and footwear retailer Go Outdoors for £56.5 million ($70.1 million) via a pre-pack administration deal. JD Sports had previously appointed accountancy firm Deloitte as administrators, with plans to restructure its Go Outdoors business as the latter’s sales had experienced a sharp downturn due to the coronavirus pandemic. Go Outdoors operates 67 stores across the UK. TM Lewin’s CEO and CFO Step Down Menswear brand TM Lewin’s CEO Sven Gaede and CFO Marc Lombardo have stepped down from their positions after the sale of the business to private equity firm SCP in May 2020. Gaede joined the company as CEO in March 2018 and Lombardo joined the company as CFO in 2017. SCP said that a specialist team from its subsidiary Torque Brands, that includes ex-Harrods MD Paul Taylor and ex-Asda Chief Executive Allan Leighton, is working towards safeguarding the future of the business by putting necessary processes and procedures in place, according to Drapers. [caption id="attachment_112080" 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_112081" 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=277]
Source: Company reports/Coresight Research
[caption id="attachment_112083" 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_112084" 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.