DIpil Das
The US
2020 Major US Store Closures and Openings Year to date in 2020, US retailers have announced 7,815 planned store closures and 3,352 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 Guess, Kirkland, Neiman Marcus and Signet, and this has changed our 2020 US closure count to 7,815. 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=110]
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 Five Below and Benefit Cosmetics, 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 Three Stores Sporting goods retailer Dick’s Sporting Goods plans to open three stores as it looks to further expand its nationwide footprint. The retailer will open one Dick’s Sporting Goods store, one Golf Galaxy Store and one combination Dick’s and Golf Galaxy location this month. The stores will create a total of around 150 jobs, including full-time, part-time and temporary associate positions. Macy’s Plans To Open Small Format Stores Department store chain Macy’s has announced that it plans to open several smaller-format off-mall stores over the next two years. It also plans to trial a smaller-format off-mall Bloomingdale’s store. The company has not yet specified the number of stores that it plans to open and so these openings do not feature in our openings chart. Neiman Marcus To Close Three Stores Department store chain Neiman Marcus has announced that it will permanently close three full-line stores, in Walnut Creek, California, at Mazza Gallerie in Washington, D.C., and in Natick, Massachusetts. The store in Washington, D.C. will close at the end of this month, while the dates for the other two stores are yet to be announced. The retailer had announced in March that it will close almost all of its Last Call off-price stores in order to shift its focus toward luxury. Neiman Marcus subsequently filed for bankruptcy in May. Including this week’s developments, the retailer has so far announced that 17 Last Call stores and eight full-line stores will close this year. Target Plans To Open a Number of New Stores, Confirms One Mass merchandise retailer Target has announced plans to open one store in Wall, New Jersey, and many more at other new locations throughout the country. The store in Wall will span 91,000 square feet, but the company has not yet revealed the date of opening. Target had originally planned to open around 36 new stores this year but last month revised this down to 30. The company currently operates 1,880 stores, according to its website.Quarterly Store Openings/Closures Settlement
At Home Opens One Store Home decor superstore At Home has reported that it opened one store in the second quarter, ended July 25, 2020. The company operates 219 stores in 40 states as of July 25, 2020. Five Below Opens 62 Stores Discount retailer Five Below reported that it has opened 62 net new stores in the second quarter, ended August 1, 2020. The company operates 982 stores in 38 states as of August 1, 2020.Designer Brands Opens One Store
Footwear and accessories designer and retailer Designer Brands reported that it opened one store in the second quarter, ended August 1, 2020. The company operates 522 stores as of August 1, 2020.
Genesco Opens Three Stores and Closes Six
Apparel and footwear retailer Genesco has reported that the company opened three new stores and closed six in the second quarter, ended August 1, 2020. We have already accounted for these closures and openings previously in our charts. The company operates 1,476 stores as of August 1, 2020.
Guess Closes 21 Stores
Apparel and accessories retailer Guess reported that it has closed 21 US stores in the second quarter, ended August 1, 2020. The company has closed an estimated 25 stores so far this year. Guess has a fleet of 259 stores as of August 1, 2020 including 257 company-operated and two partner-operated stores.
J. Jill Closes Five Stores Women’s apparel retailer J. Jill reported that it closed five stores in the second quarter, ended August 1, 2020. The company operates 281 stores as of August 1, 2020. Our closures chart has already accounted for these closures. Kirkland Closes 18 Stores Home decor and furniture retailer Kirkland reported that it closed 18 stores in the second quarter, ended August 1, 2020. Including 27 stores that it closed in the previous quarter, the company has closed 45 stores year-to-date. The company operates 387 stores as of August 1, 2020. Lululemon Athletica Opens Eight Stores Athletic apparel and accessories retailer Lululemon Athletica reported that it opened eight US stores in its second quarter, ended August 2, 2020. Michaels Opens Four Stores Arts and crafts retailer Michaels reported that it opened four stores in its second quarter, ended August 1, 2020. The company operated 1,275 stores as of August 1,2020. We had already accounted for these openings in our openings chart. Signet Jewelers Closes 175 Stores Diamond jewellery retailer Signet reported that it closed 175 stores in the second quarter, ended August 1, 2020. The company has closed an estimated 212 stores year-to-date, as charted below. The company operates 2,561 stores as of August 1, 2020. Tilly’s To Open 2 Stores Specialty casual apparel, footwear and accessories retailer Tilly’s reported in its financial results for the second quarter, ended August 1, 2020, that it expects to open two stores during fiscal year 2020, with one to open in October and the other in mid-November. The company operates 238 stores as of August 1, 2020. Vera Bradley Closes 12 and Opens Five Stores Women’s bags and accessories retailer Vera Bradley reported in its earnings release for the second quarter, ended August 1, 2020, that it closed 12 full-line stores and opened five factory outlet stores in the last 12 months. The company operates 133 stores as of August 1, 2020. We had already accounted for these closures and openings in our charts.Non-Store-Closure News
IKEA’s Mall Arm Makes Its First Real Estate Acquisition IKEA's mall arm Ingka Centres has made its first US real estate acquisition. It has bought the 6X6 mall in San Francisco from Alexandria Real Estate Equities Inc and TMG Partners. The company stated that the other locations high on its wish list are Chicago, Los Angeles, New York and San Francisco. Under Armour Appoints a New Board Member Under Armour has announced that Wes Moore, CEO of charitable organization Robin Hood Foundation, has been appointed to its Board of Directors. Before joining Robin Hood Foundation, Moore was the Founder and CEO of BridgeEdU, a hybrid technology and coaching platform. He is also the New York Times bestselling author of “The Other Wes Moore,” “The Work” and “Five Days.” [caption id="attachment_116081" 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 ten store closures and are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_116082" 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 five 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=437 table_view=regular]
Source: Company reports/Coresight Research [caption id="attachment_116083" 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_116084" 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=438 table_view=regular]
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=440 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 2,056 store closures and 524 store openings. Our data represent closures and openings by calendar year. The chart below 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=111]
Source: Company reports/Coresight Research
What Is Happening This Week in the UK
The Co-op To Open 50 New Stores Grocery chain The Co-op plans to open 50 new stores that will create 1,000 new jobs this year. The announced new jobs will be at the new stores and 15 other stores that are going to be enlarged. The locations for the new stores include Guildford, London, Leeds, Poole and Wrexham. Debenhams May Close 30 to 40 Stores Department store chain Debenhams has announced that it might have to close 30–40 of its 124 stores if the government does not slash tax bills. Some of the locations that might close include Edinburgh, Leeds, Manchester and Oxford Street. The retailer had already announced around 38 store closures year-to-date before its latest announcement. Jigsaw To Close 13 Stores Fashion retailer Jigsaw has announced that it is closing 13 stores in Amersham, Birmingham, Bow Lane, Carriage Hall, Cribbs Causeway, Canterbury, Exeter, Glasgow, Hampstead, Leamington Spa, Newbury, Putney, Parsons Green, Rusden Lakes, Westfield, Witney and Wimbledon. It also plans to axe more than 100 staff after its creditors approved its CVA (company voluntary arrangement) proposal, which was put up last month. Truworths To Close 58 Office Shoe Stores Apparel and fashion accessories retailer Truworths has announced that it plans to close about 58 Office shoe stores. Office faced a drop in sales as a result of the ongoing coronavirus pandemic, and this exacerbated its already existing struggles attributed to the Brexit transition. Out of the 58 stores earmarked for closure, 28 will close during Truworths’ 2021 financial year ending June 28, 2021, and a further 30 stores will close during the 2022–2024 financial years. Our closures chart depicts the number of stores that we estimate will close in 2020.Non-Store-Closure News
Next To Open New Outlet Store Fashion retailer Next has announced that it will open a new 6,000-square-foot outlet store in North Staffordshire. The store will offer a full range of Next men, women and children’s clothes and home furnishings at discounted prices. As the year progresses, the company will add seasonal stock. The store will offer a click-and-collect service to customers, allowing them to take advantage of both the outlet and online sales. Capri Holdings Appoints New CEO Apparel and footwear retailer Capri Holdings has appointed Hannah Colman as CEO of its luxury footwear brand Jimmy Choo. Hannah Colman will report to John Idol, Chairman and Chief Executive of Capri Holdings. [caption id="attachment_116091" 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, Sainsbury’s and Truworth. 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_116086" 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=442 table_view=regular]
Source: Company reports/Coresight Research [caption id="attachment_116087" 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_116088" 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.