DIpil Das
The US
2020 Major US Store Closures and Openings Year to date in 2020, US retailers have announced 8,007 planned store closures and 3,366 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 Bed Bath & Beyond and this has changed our 2020 US closure count to 8,007. 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=122]
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 Claire’s and Ashley Stewart 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 To Open New Stores Footwear retailer Allbirds has announced the opening of its 22nd retail location, in California, this month. Last week, it raised around $100 million in a Series E funding that will partly fund the expansion in international markets. The company stated that more locations will open in 2021. Coresight Research insight: Our store-opening stories this week show where physical retail formats continue to be in demand—direct-to-consumer brands moving offline, food retail, furniture and sports goods. In sectors such as furniture and food, where cross-channel shopping is prominent, multichannel formats look likely to have more appeal, even to digital shoppers, than pure online models—at least for the foreseeable future. Dick’s Sporting Goods To Open 11 Stores Sporting goods retailer Dick’s Sporting Goods has announced that it will open six Dick’s Sporting Goods stores, two combination Dick’s and Golf Galaxy locations and three Dick’s Sporting Goods Warehouse Sale locations this month. It also plans to open exclusive Soccer Shops that are designed to meet the demands of athletes of every level. These openings will create around 400 jobs including full-time, part-time and temporary roles and will result in 732 Dick’s Sporting Goods stores, 97 Golf Galaxy stores and 14 Warehouse Sale locations nationwide. The plans take the expected total number of Dick’s Sporting Goods stores to 31 for 2020. We had already updated opening numbers for Golf Galaxy in our chart, based on company plans. H&M To Close 250 Stores Worldwide Clothing retailer H&M has announced that it will close 250 stores globally next year. The consumer shift to online shopping amidst the pandemic prompted this move and the company plans to integrate online and offline channels to cater to this demand. The company currently operates over 5,000 stores globally. We have not made updates to the closing chart as H&M has not specified the number of US stores that will close as part of the worldwide program and also because our charts cover stores announced for closure in 2020. IKEA To Open 50 Stores Worldwide Home furnishings retailer IKEA has announced that it will open 50 small format stores worldwide with a focus on urban areas. In the US, it plans to open stores in Chicago, Los Angeles and New York. The company currently has more than 420 stores spread across 52 countries. We have not updated the openings chart as IKEA has not revealed the timeline of the US store openings. Loves Furniture & Mattresses Opens 16 Stores Home furnishings retailer Loves Furniture & Mattresses has announced that it has opened 16 stores in Michigan, Ohio and Pennsylvania and will open more stores in the coming weeks. Store locations in Michigan include Ann Arbor, Battle Creek, Canton, Howell, Livonia, Portage, Port Huron, Royal Oak, Saginaw, Shelby Township, Taylor and Waterford. In Ohio, it will open in Toledo and in Pennsylvania, at McMurray, Mt. Pleasant and Pittsburgh locations. We had already accounted for these planned openings in our store-openings chart. Wegmans To Open More Stores Along the East Coast Supermarket chain Wegmans has announced that it will open its 104th store next month and will continue to open more stores down the East Coast. The next store opening will be at Tysons, Virginia and is scheduled to open in November. The retailer plans to open a number of stores in the next few years and has confirmed some of the locations: one store each in Delaware, Maryland and Washington DC, four stores in North Carolina and two stores in Virginia. The retailer typically opens two or three stores a year. We have already accounted for openings for this year in our charts.Quarterly Store Openings/Closures Settlement
Bed Bath & Beyond Opens Two Stores and Closes Four Stores Home goods retailer Bed Bath & Beyond has reported that it has opened two stores and closed four stores in the second quarter ended August 29, 2020. The openings include one Bed Bath & Beyond store and one Buy Baby store. The retailer closed three Cost Plus World Market stores and one Bed Bath & Beyond store. The company also announced that it expects to open three additional stores and will close 63 stores by the end of the year. The company currently operates 1,476 stores as of August 29, 2020.Non-Store-Closure News
Home Depot Appoints New President Home improvement retailer Home Depot has announced that it has appointed Edward "Ted" P. Decker as its new President and Chief Operating Officer. Decker has served the company for 20 years; in his last role, he was its Executive Vice President of Merchandising. He will now be responsible for the company’s outside sales and service, global store operations and global supply chain. Walmart Revamps 1,000 Stores Walmart has taken steps to improve its in-store experience and unveiled a store design inspired by airport wayfinding systems that help large groups of people navigate locations effectively. The store incorporates use of the Walmart app and will be rolled out to about 200 locations by the end of January 2021, and will reach close to 1,000 stores by next fiscal year. The stores also feature self-checkout kiosks as well as contactless payment applications, including Walmart Pay. Some locations will also have the Scan & Go feature that will allow customers to checkout directly using their mobile phones. True Religion Apparel To Exit Bankruptcy Apparel retailer True Religion Apparel expects to exit bankruptcy this month and will keep more than 50 of the approximately 87 stores open. The retailer filed for bankruptcy in April and was represented by Cole Schotz to assist the retailer in the reorganization, which included a debt settlement of $65.8 million. [caption id="attachment_117307" 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. We have revised the earlier count for Bed Bath & Beyond per the recent announcement that 63 stores have been closed. *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_117308" 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=493 table_view=regular]
Source: Company reports/Coresight Research [caption id="attachment_117309" 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_117310" 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 2,096 store closures and 535 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=123]
Source: Company reports/Coresight Research
What Is Happening This Week in the UK
Tesco Opens Four and Closes Two Stores Grocery retailer Tesco has announced that it opened three and closed two UK stores in the half year ended August 29, 2020. It operates 2,723 UK stores as of August 29, 2020. Separately, Ken Murphy assumed his duties as the company’s new Chief Executive. Murphy was named as the successor to Dave Lewis last year and has earlier served Walgreens Boots Alliance as the company’s President Global Brands. The retailer has also announced the departure of CFO Alan Stewart and Chief of the Booker Wholesale Arm, Charles Wilson. Alan Stewart has been succeeded by Imran Nawaz who will join the Board as CFO in April 2021.Non-Store-Closure News
Ann Summers may launch CVA Lingerie retailer Ann Summers has announced that it is likely to launch a company voluntary arrangement (CVA) if talks with landlords to arrive at better rental terms fail. The retailer has already started its talks with the British Property Federation and this might lead to the launch of the insolvency process . The Issa Brothers and TDR Capital Acquire Asda from Walmart Supermarket chain Asda has announced that it has been acquired by the Issa brothers and TDR Capital from Walmart, with equal shareholdings for an enterprise value of £6.8 billion ($8.7 billion), on a debt-free and cash-free basis. The Issa brothers and TDR Capital will have a majority ownership stake in Asda, and Walmart will retain an ongoing equity investment and a seat on the Board. The company will continue to operate under the leadership of Roger Burnley who will be part of Asda’s board along with other appointed representatives chosen by the Issa brothers, TDR Capital and Walmart. [caption id="attachment_117311" 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_117312" 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_117313" 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_117314" 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.