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 3,379 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. 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=124]
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 Sneakersnstuff and Neiman Marcus, 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
Dollar General Plans To Open New Stores Under the Banner “Popshelf” Dollar General has announced that it is launching a new store concept under the banner “Popshelf,” targeting the suburban shopper whose total household annual income ranges from $50,000 to $125,000. Two Popshelf stores will open in Nashville in the coming weeks, and the company plans to open 30 more stores by the end of next year. The product range in these stores include home and beauty goods mostly priced at around $5 or less. The company has not clarified whether these openings are separate from the 1,000 store openings planned for the full fiscal year and so we have assumed that they are a part of those previously announced openings. The openings total in our chart is a calendarized estimate for this year. Earth Fare Opens One Store and Plans To Open Four Stores Organic grocer Earth Fare opened its first store in Charlotte, North Carolina last week and is looking to reopen four additional stores in the same region that had closed as part of its bankruptcy plan. Including these outlets, the retailer had closed around 50 stores in February this year. The retailer has opened 13 store locations across six states since June. Five Below Plans To Open 30 Stores in Florida Discount chain Five Below has announced that it will open 30 new stores in Florida this year, expanding its store footprint in malls, town centers and outdoor shopping centers. The locations announced include Bay City Point, Century Town Center, Mall of the Americas, Shoppes of Paradise Bay, Southland Mall and The Loop. These openings will increase the store count to 93 locations in Florida, making it the state with the second-highest number of Five Below stores after Texas, which has 109 stores. We had already accounted for these planned openings in our chart. Winn-Dixie To Open Eight New Stores Supermarket chain Winn-Dixie plans to open four stores in Florida in November. These openings are part of the eight new stores that the retailer plans to open across the state. The locations for these openings are Boynton Beach, Gainesville, Jacksonville and Lakewood Ranch. Additionally, Winn-Dixie plans to open stores in Fort Myers, Lake Mary and Melbourne later this year and one more store in Viera in early 2021. We had previously included these planned openings in our chart.Quarterly Store Openings/Closures Settlement
Levi Strauss & Co. Plans To Expand Store Footprint Levi Strauss & Co. has reported that it opened three NextGen stores in Century City, Scottsdale Fashion Square and Stanford Mall in its third quarter, ended August 23, 2020. The company also plans to open two more NextGen stores this year. The NextGen store concept offers consumers a more personalized and flexible shopping experience with services such as BOPIS (buy online, pick up in store), curbside pickup and in-store personal shopping appointments. Levi’s also plans to open 100 smaller-footprint mainline stores in the coming years. The company operates 3,100 retail stores and shop-in-shops worldwide as of August 23, 2020. We have updated openings slated for this year in our chart previously.Non-Store-Closure News
New CEO Appointed for Old Navy Gap Inc. has announced that is has appointed Nancy Green as President and CEO of Old Navy, the retailer’s largest brand. Green will report to Gap Inc.’s CEO Sonia Syngal. Green has served the company as the interim head of Old Navy since March and previously held the position of President and Chief Creative Officer of the brand. Prior to that, she served as the President and CEO of Gap Inc.’s Athleta brand. Rite Aid Acquires Bartell Drugs Drugstore chain Rite Aid has announced that is has acquired Bartell Drugs for $95 million. Bartell Drugs is a 130-year- old family-owned business that generates more than $550 million in revenue. It operates 67 stores in Seattle and in three counties in Washington State. These stores will join Rite Aid’s 69 existing stores in Seattle area and will retain the Bartell Drugs name. Rite Aid currently operates over 2,400 locations across 18 states. [caption id="attachment_117685" 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_117686" 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=505 table_view=regular]
Source: Company reports/Coresight Research [caption id="attachment_117687" 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_117688" 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 2,107 store closures and 535 store openings. Our data represent closures and openings by calendar year. This week, we have updated our 2020 UK closure count for Clarks and French Connection, and this has changed our 2020 UK closure count to 2,107. 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=125]
Source: Company reports/Coresight Research
What Is Happening This Week in the UK
Clarks May Launch CVA Footwear retailer Clarks might launch a company voluntary arrangement (CVA) as it mulls permanently closing 50 stores and converting the remaining sites to a turnover rent model. If the CVA is approved, the company is likely to become the beneficiary of a rescue deal worth more than £100 million ($129.3 million) led by LionRock Capital, a Hong Kong-based private equity firm. The proposed closures will lead to the loss of 900 jobs and the creation of 200 new roles. The company currently operates approximately 345 stores. We have not updated these closures in our chart as the plan has not yet been confirmed. In April, the company had announced separately that it plans to close a small number of stores (fewer than 10), and two have closed so far. Edinburgh Woollen Mill Group May Shut Down Edinburgh Woollen Mill Group that owns Peacocks and Jaegar is on the verge of closing down its business. Court papers reveal that it plans to appoint administrators and look for potential buyers. This move puts 24,000 jobs at risk, and the company has announced that it might have to close a number of stores. The company has 1,100 retail outlets nationwide, ranging from high-street shops to garden center concession stands. French Connection Plans To Permanently Close Stores Clothing and accessories retailer French Connection has announced that it may permanently close stores in the coming months as its sales have been hit hard by challenges related to the ongoing coronavirus pandemic. The retailer closed nine stores in the first half of this year and plans to close more underperforming stores in the rest of the year. House of Fraser Plans To Close Stores Department store chain House of Fraser has disclosed that it will shut a number of stores if the government does not reform the business rates system. The company stated that the current valuations fail to account for a dip in property values and has called for the next revaluation to be pushed forward from 2023. The retail stores were given a payment holiday for business rates this financial year, but the system will restart in April 2021 with payments based on valuations from 2015.Non-Store-Closure News
Aspinal of London Gets CVA Approval Luxury retailer Aspinal of London has announced that it is set to restructure its business after its creditors reportedly approved its CVA proposal. The CVA, the details of which are not yet clear, came after the retailer experienced a continued decline in footfall at its high-street stores. Aspinal of London currently trades from 10 stores across the UK, an online store and concessions in Harrods and Selfridges, and it has more than 300 employees. Lidl To Focus on Brick-and-Mortar Business Discount retailer Lidl has announced that it will dissolve its digital logistics arm and will focus on its brick-and-mortar business. This also means that it will not proceed with plans to launch online grocery in the UK. The company stated that it sees significant growth potential for its brick-and-mortar business. [caption id="attachment_117689" 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 six store openings and are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_117690" 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_117691" 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_117692" 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.