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The US
2020 Major US Store Closures and Openings Year to date in 2020, US retailers have announced 7,637 planned store closures and 3,305 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. This week, we have updated our 2020 US closure count for Fossil, Rent the Runway, Stage Stores and Stein Mart, and this has changed our 2020 US closure count to 7,637. 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=104]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 Fossil and Kohl’s, 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
Rent the Runway To Close All Its Stores Fashion rental company Rent the Runway has announced that it plans to shutter its stores and move all operations online. The company will close one store each in Chicago, Los Angeles, San Francisco and Washington, D.C. The retailer plans to convert its flagship store in New York into a permanent returns site. The company stated that it is going to focus on digital investments and plans to expand its network of drop-off boxes and returns sites. Coresight Research insight: In the short term at least, the coronavirus crisis looks to be unwinding a number of multiyear trends—such as digital firms opening physical stores and, as we discussed elsewhere this week, the shift to experiential brick-and-mortar retail. Stein Mart To Close All Its Stores Off-price department-store chain Stein Mart, after filing for Chapter 11 bankruptcy last week, has confirmed that it will be permanently closing all of its 279 stores. Saxon Shoes Files for Bankruptcy Footwear chain Saxon Shoes has filed for Chapter 11 bankruptcy. It currently operates two stores, one each in Short Pump Town Center in western Henrico County and The Village at Spotsylvania Towne Centre in Fredericksburg, and said that it has no plans to close them permanently. Although the coronavirus-triggered lockdown in March had forced the closure of both stores, they were reopened in May. Stage Stores Set To Liquidate All 738 Stores Department-store retailer Stage Stores has received a court approval to proceed with its bankruptcy plan, under which the company intends to wind down and liquidate all of its 738 stores. The retailer had filed for bankruptcy in May this year. Coresight Research insight: Stage Stores and Stein Mart (above) join JCPenney, Macy’s, Neiman Marcus and Nordstrom in closing swathes of stores this year. Prior to the developments from Stage Stores and Stein Mart, we estimated that the running total of department-store closures amounted to around 40 million square feet of store space—representing a large problem for shopping-center owners. Faced with weak demand for retail space and the migration of sales online, we expect landlords to seek to repurpose some of these spaces as fulfillment centers.Quarterly Store Openings/Closures Settlement
Fossil Group Closes Two Stores Fossil Group, a fashion accessories designer, distributor and retailer, has reported that it closed two stores in the second quarter ended July 4, 2020. The retailer owns and operates 194 stores in Americas as of July 4, 2020.Non-Store-Closure News
Authentic Brand Group and SPARC Group Set To Acquire Brooks Brothers Apparel retailer Brooks Brothers has announced that it is set to be acquired by Authentic Brands Group and SPARC Group, a partnership between Authentic Brands Group and Simon Property Group. The purchasers had submitted a bid worth $325 million for the acquisition, which was accepted on August 12, 2020. Brooks Brothers filed for bankruptcy last month after being hit hard by the coronavirus pandemic. [caption id="attachment_114901" 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_114902" 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=396]
Source: Company reports/Coresight Research
[caption id="attachment_114904" 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_114905" 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=397]
Revenue figure depicted for Centric Brands is for the nine-month period ended September 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=398]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 2,032 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 Baird Group. 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=105]Source: Company reports/Coresight Research
What Is Happening This Week in the UK
Baird Group Plans To Close 18 Stores Ben Sherman licensee Baird Group will shut down 18 stores and cut 264 jobs after receiving approval for its CVA proposal. The closures will affect the Ben Sherman, Jeff Banks and Suit Direct brands among others, but will not include its Debenhams concessions. Apart from the store closures, Baird Group will also close one warehouse and one office, while 29 stores are set to see rent reductions and a phased rebuild of base rent. Jigsaw May Close 19 Stores as It Launches CVA Proposal Fashion retailer Jigsaw has earmarked 19 of its stores for closure as part of its CVA proposal. Per the CVA proposal, 41 Jigsaw stores are to shift to turnover-based rent and the remaining 16 will operate on full rent, if approved. The company stated that it started withdrawing from the non-core areas of the business last year and that it had to take further action to safeguard the future of the business, keeping in mind the challenges that the retail sector is facing due to the coronavirus pandemic.Non-Store-Closure News
Frasers Group Plans To Acquire DW Sports Frasers Group has reportedly placed a bid of over £30 million ($39.5 million) for a takeover of sports apparel retailer and gym group DW Sports. Over 1,700 employees are at risk of job redundancies after DW Sports entered administration earlier this month. [caption id="attachment_114909" 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. Baird Group includes Ben Sherman, Jeff Banks and Suit Direct licensed stores among others.Source: Company reports/Coresight Research[/caption] [caption id="attachment_114910" 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=400]
Source: Company reports/Coresight Research
[caption id="attachment_114913" 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_114914" 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.