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The US
2020 Major US Store Closures and Openings Year to date in 2020, US retailers have announced 8,016 planned store closures and 3,356 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 Fresh Thyme Market, and this has changed our 2020 US closure count to 8,016. 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=120]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 Christopher & Banks and Kirkland’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
Allbirds Raises $100 Million, Plans To Open New Stores and Expand Internationally Footwear retailer Allbirds has announced Series E funding of around $100 million, led by investment firm Franklin Templeton. Other companies taking part include Baillie Gifford, Rockefeller Capital Management TDM Growth Partners and T. Rowe Price. Allbirds will use the new capital to expand its international business and physical stores. Charming Charlie Re-enters the Market with Two New Stores Women’s apparel and accessories retailer Charming Charlie has opened a store in Cumberland Mall in Atlanta, marking its comeback to retail months after selling its trademark and closing 261 locations at a bankruptcy auction. The retailer plans to open stores across the country by the end of this year and into early 2021. Its second store will open at Towson Town Center in Towson, Maryland, in October. Fresh Thyme Market Plans To Close Three Stores Specialty grocery retailer Fresh Thyme Market has announced that it will shutter its remaining three stores in Nebraska, starting with the two in Omaha and then the final one in Lincoln later this month. Following these closures, the grocery retailer will operate 70 stores in 10 states. Justice Plans To Close 23 Stores This week, Ascena Retail Group reported that the 23 additional store closures that it announced last week (and covered in last week’s Tracker report) are part of its niche clothing and lifestyle banner Justice. The banner has closed 600 stores permanently this summer as part of Ascena Retail Group’s bankruptcy plan. The 23 stores are in 13 states, including four in Florida and three each in New Jersey, New York and Ohio. These are included in the total for Ascena Retail Group in the store-closures chart.Quarterly Store Openings/Closures Settlement
Costco Opens Eight Net New Stores Warehouse club Costco has confirmed that is has opened eight net new stores in the fourth quarter, ended August 30, 2020. The company operates 552 warehouses in the US as of August 30, 2020. We had already included these openings in our store-openings chart, as part of the company’s previously announced openings for the fiscal year.Non-Store-Closure News
Dollar General Appoints New Chief Merchant Discount retailer Dollar General has promoted Emily Taylor from EVP to Chief Merchandising Officer, effective September 25, 2020. This move was an outcome of the exit of Jason Reiser, who has been the Chief Merchant of Dollar General since 2017. As EVP, Taylor will be responsible for the company’s strategy and execution of merchandising, global sourcing, marketing, merchandise operations and in-store experience efforts. Neiman Marcus Exits Bankruptcy Department store chain Neiman Marcus has exited bankruptcy with new owners PIMCO, Davidson Kempner Capital Management and Sixth Street. They will fund a $750 million exit financing package to fully refinance the retailer’s debtor-in-possession loan and provide additional liquidity for the business. In order to refinance existing debt and provide liquidity to support ongoing operations and strategic initiatives, the retailer will utilize the proceeds from a $125 million first-in-last-out facility led by Pathlight. Neiman Marcus had filed for bankruptcy in May and had announced the approval of its Chapter 11 restructuring plan on September 8, 2020. Patagonia Appoints New CEO Outdoor apparel and equipment brand Patagonia announced that Ryan Gellert will succeed former CEO Rose Marcario, who had served the company for 12 years and resigned in June. Gellert previously oversaw the retailer’s business in Africa, Europe and the Middle East. Before joining Patagonia, Gellert was the president of climbing company Black Diamond Equipment for approximately 10 years. [caption id="attachment_116998" 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, 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 10 store closures and are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_116999" 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, 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=480]
Source: Company reports/Coresight Research
[caption id="attachment_117001" 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_117002" 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=481]
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=482]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 2,094 store closures and 531 store openings. Our data represent closures and openings by calendar year. This week, there have been no updates to our 2020 UK closure and openings counts. 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=121]Source: Company reports/Coresight Research
What Is Happening This Week in the UK
Aldi Plans To Open 100 New Stores Discount grocery retailer Aldi plans to open 100 new stores by the end of 2021 with an investment of £1.3 billion ($1.6 billion) as its sales rose 8% in 2019. The retailer has also announced plans to create 4,000 new jobs in 2021 alongside the 3,000 permanent jobs it created this year. These openings are in line with the retailer’s long-term plan to open 1,200 stores by 2025. We had already included these planned openings in our store-openings chart. B&M To Open New Stores Variety retailer B&M has announced a 25.3% growth in sales for the six months to September 26, 2020 and has raised its half-year profit guidance. The retailer has also increased guidance on new store openings for the financial year after an seeing improvement in leasing activity. It now plans to open around 40–45 stores, most of which are likely to open in its fourth fiscal quarter. As the company has not disclosed how many stores it will open in each of the remaining quarters, and since a majority are planned for its fourth fiscal quarter (which ends March 28, 2021), we have not made updates to the openings charts as they would fall in the next calendar year.Non-Store-Closure News
Boots and Mothercare Enter into Franchise Partnership Drugstore retailer Boots has confirmed its franchise partnership with specialist retailer Mothercare. Mothercare products will be available on the Boots website and in 400 stores this month. In addition, Boots will also open dedicated Mothercare and premium nursery zones in 10 stores located in Aberdeen, Bluewater, Cardiff, Dudley Merry Hill, Eldon Square, Fort Dunlop, Glasgow Fort, Lakeside, Reading and Trafford Centre in November. Mothercare put its UK stores into administration last year, closing 79 shops and terminating 2,500 jobs. John Lewis Launches Virtual Store Department store chain John Lewis has announced the launch of its first virtual Christmas shop, which enables customers to take a 3D tour of the retailer’s Oxford Street flagship store. Customers can hover over products for more details and proceed to buy them from their own homes. The retailer’s digital shift is the result of a sharp rise in demand for early Christmas shopping, of around 112% compared to 2019. The company stated that Christmas tree sales have seen a spike of 232% compared to last year, and Christmas decoration sales have risen by 156%. [caption id="attachment_117009" 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.*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] [caption id="attachment_117011" 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=484]
Source: Company reports/Coresight Research
[caption id="attachment_117013" 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_117014" 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.