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The US
2020 Major US Store Closures and Openings Year to date in 2020, US retailers have announced 6,650 planned store closures and 3,305 openings. Our data represent closures and openings by calendar year. This week, we have updated our 2020 US closure count for Camping World and Donghia, and this has changed our 2020 US closure count to 6,650. 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=102]Source: Company reports/Coresight Research
Coronavirus Update: US States and Stores Are Reopening
Many US retailers have reopened stores, as state governments have relaxed their lockdown restrictions. This week saw reopening updates from Party City and The RealReal, 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
Dick’s Sporting Goods To Open 11 Stores in August Sporting goods retailer Dick’s Sporting Goods has announced plans to open 11 stores across nine states in August. The retailer will open four Dick’s Sporting Goods stores, five Warehouse Sale stores, one Golf Galaxy store and one Overtime by Dick’s Sporting Goods store. The company will have 729 Dick’s Sporting Goods stores, 96 Golf Galaxy stores, 10 Warehouse Sale locations and four Overtime by Dick’s Sporting Goods locations post the store openings. Stein Mart Files for Bankruptcy; To Close Most of its Stores Off-price department-store chain Stein Mart has filed for bankruptcy and announced that it will close “a significant portion, if not all” of its store fleet. According to the retailer’s website, it operates 281 stores across 30 states. The company confirmed in a press release that it has already initiated the process to commence liquidation sales. Coresight Research insight: Stein Mart’s 281 stores span 30 states, with 70% of its stores in the Southeast and in Texas. The company described its customer as “loyal, ageless, and with a household income of nearly $100,000” at its 2019 investor presentation in November 2019. Prior to Covid-19, Stein Mart had rolled out several strategic initiatives, including an expanded kids department, fine jewelry, BOPIS (buy online, pick up in store) service, mobile point-of-sale system and a loyalty program. However, on its third-quarter 2020 earnings call in June, the retailer reported that it was severely impacted by Covid-19, with its first-quarter sales declining by 57% due to the closure of stores. Liquidity was its most pressing issue, and its ability to borrow was impacted due to its lower sales. Unfortunately, the retailer has been negatively impacted from the sustained store closures and lack of sales during the crisis and does not have the finances to keep the business operating. Sur La Table Sold for $90 Million Kitchenware retailer Sur La Table has been reportedly sold for $90 million to a joint venture between e-commerce investment firm CSC Generation and brand management firm Marquee Brands. The retailer had filed for bankruptcy in July 2020 and had 121 stores at the time of filing, of which 56 are set to close permanently. The new owners intend to keep at least 50 of the company’s stores open as a part of the deal. The deal is still subject to approval by the bankruptcy court of New Jersey.Quarterly Store Openings/Closures Settlement
Camping World Closes 11 Stores Camping World, a retailer of recreational vehicles and related products, has reported that it closed 11 stores in the first two quarters of 2020, ended June 30, 2020. The retailer owns and operates 164 stores in the US as of June 30. Party City Announces Four Store Openings Party supplies retailer Party City has announced plans to open four new stores in 2020 and six new stores in 2021. The retailer is also on track to close 21 stores that it had previously announced during its first-quarter earnings call. The company operates approximately 850 stores (including franchise stores) throughout North America as of June 30, 2020.Non-Store-Closure News
Amazon in Talks with Simon Property Group To Take Over Closed JCPenney and Sears Department Stores Amazon is reportedly in talks with mall owner Simon Property Group to buy closed or current JCPenney and Sears department stores across the US and convert them into fulfillment centers. The number of stores under consideration have not been disclosed, but the companies have been working on a deal even before the coronavirus pandemic hit. According to its recent public filing, Simon Property Group has 63 JCPenney and 11 Sears stores in its mall portfolio. Coresight Research insight: Conversion of store space to distribution centers or dark stores is a potential support to REITs facing a growing number of store closures, including for anchor department stores. However, the feasibility of repurposing of stores as distribution centers will vary by type of location and suitability to conversion. So, this is unlikely to prove a panacea to all impacted malls. Kravet Buys Donghia in Bankruptcy Sale Fabrics distributor Kravet has acquired furniture retailer Donghia in a Chapter 7 bankruptcy auction. Donghia had declared bankruptcy in March 2020 and closed its nine stores. The sale includes the Donghia brand name, the company’s intellectual and digital property, and its designs, archives and inventory. [caption id="attachment_114421" 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. Ascena Retail includes Justice, Catherines, Ann Taylor, Lane Bryant, LOFT and Lou & Grey.*Total includes a small number of retailers that each announced fewer than six store closures and are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_114423" 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 four 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 details announced openings and closures not included in our totals, as the companies did not provide detail on timing or location. [wpdatatable id=380]
Source: Company reports/Coresight Research
[caption id="attachment_114425" 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_114426" 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=381]
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. ****Ascena Retail Group includes Justice, Catherines, Ann Taylor, LOFT, Lane Bryant and Lou & Grey banners. *****Le Tote includes Lord & Taylor banner. ******Tailored Brands includes Men’s Wearhouse and Jos. A. Bank, Moores Clothing for Men and K&G banners. N/A – Not Available Source: Company reports/Coresight Research
2019 Major US Retail Bankruptcies [wpdatatable id=382]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 2,014 store closures and 450 store openings. Our data represent closures and openings by calendar year. This week, we have updated our 2020 UK closure count for M&Co. 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=103]Source: Company reports/Coresight Research
What Is Happening This Week in the UK
Jigsaw To Close Stores as Part of a CVA Fashion retailer Jigsaw plans to shut stores and cut jobs as part of a company voluntary arrangement (CVA). The details of the CVA have not yet been finalized by the company. The retailer currently operates 75 stores and employs around 900 people in the UK. The store closures and job cuts will take place over several weeks and will proceed only if the CVA receives approval from over 75% of the company’s creditors. M&Co Confirms Plans To Close 47 Stores as Part of Pre-Pack Administration Deal Fashion retailer M&Co’s owners, the McGeoch family, has bought back its business through a pre-pack administration deal. As per the deal, assets of the retailer have been transferred to a new company called M&Co Trading Ltd. The retailer has confirmed that it will close 47 stores permanently and cut 380 jobs. The retailer currently operates 262 stores and employs 2,700 people in the UK. River Island May Close Stores as It Eyes CVA According to industry sources, fashion retailer River Island is considering entering into a CVA to deal with the devastating impact of the coronavirus pandemic on its store traffic and sales. As part of the CVA, the company aims to close some stores and cut rents on others across its 300-strong fleet. The company has expressed concerns over whether creditors would approve of its CVA as it is currently in a relatively stable financial position in the market. Coresight Research insight: This week’s stories, including Debenhams below, underscore the difficulties across the apparel spectrum, from premium to lower mass market. We expect the crisis will continue to drive a major, and probably overdue, correction in an oversupplied sector.Non-Store-Closure News
Debenhams to Cut 2,500 Jobs Department-store chain Debenhams has announced plans to cut 2,500 jobs as part of its latest restructuring plan to cut costs to survive the coronavirus pandemic. The company said it was looking to make staff who hold sales manager, visual merchandise manager and selling support manager positions redundant. The latest round of redundancies is in addition to the 4,000 job cuts the company has made since the company went into administration in April 2020. [caption id="attachment_114431" 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_114432" 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=384]
Source: Company reports/Coresight Research
[caption id="attachment_114434" 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_114435" 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.