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The US
2020 Major US Store Closures and Openings Year to date in 2020, US retailers have announced 8,062 planned store closures and 3,384 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=128]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, Fabletics and Gap, 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
Carter’s Plans To Close 200 Stores Children’s apparel retailer Carter’s has announced plans to close 25% of its store fleet—about 200 stores—as leases expire. The retailer will close up to 60% of the 200 stores by the end of 2021 and up to 80% by the end of 2022. The company’s CEO Michael Casey said that the stores set to close will be older, lower-margin stores in declining centers that are less likely to support the retailer’s focus on high-value omnichannel customers. Our closures chart represents an estimate of the number of closures that Carter’s will close this year. Ross Stores Opens 39 New Stores in October Off-price retailer Ross Stores has announced the opening of 30 Ross Dress for Less stores and nine dd's Discounts stores across 17 different states in October 2020. These new outlets represent the final batch of stores that the company will open this year as part of its expansion plan, comprising 66 new stores for its fiscal year 2020. These 66 stores fall well short of the approximately 100 that the company had originally planned to open and have previously been accounted for in our openings chart. The company currently operates 1,594 Ross store locations in 40 states, the District of Columbia and Guam, and it operates 275 dd's Discounts stores in 21 states. Gap Inc. Plans To Close 350 Stores by 2024 Apparel retailer Gap Inc. has announced plans to close 220 of its namesake stores in malls and shopping centers In North America by early 2024. The company also plans to close 130 Banana Republic stores in North America over a three-year period. The closures are part of a detailed three-year plan that includes closing about 30% of the company's Gap and Banana Republic stores in North America and focusing on its outlets and e-commerce business. Gap Inc. also plans to open 30–40 new Old Navy stores and about 100 new Athleta stores in the next three years. Our closures chart represents an estimate of the number of closures that Gap and Banana Republic will close this year.Quarterly Store Openings/Closures Settlements
Steve Madden Closes Four Stores Footwear retailer Steve Madden has announced that it closed four stores in the quarter ended September 20, 2020. The company currently operates 221 stores as of September 30, 2020.Non-Store-Closure News
Tapestry Transitions Interim CEO to Permanent Position Luxury retailer Tapestry has confirmed that it has appointed Interim CEO Joanne Crevoiserat as the permanent CEO. Crevoiserat has been serving as Interim CEO since July, 2020 following the departure of previous CEO Jide Zeitlin. Crevoiserat joined Tapestry in 2019 as CFO. Prior to that, she was COO at Abercrombie & Fitch Co., having joined in 2014 as CFO. She has also held senior positions at Kohl's, Walmart and May Department Stores. Calvin Klein Hires New CMO Apparel retailer Calvin Klein has hired Linh Peters as its new Global Chief Marketing Officer (CMO). Peters most recently served as VP of Loyalty, Partnerships and Licensed Stores Product and Marketing at Starbucks, where she was in charge of overseeing the brand’s loyalty program and all digital consumer-engagement strategies and marketing. [caption id="attachment_118429" 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 12 store closures and are not included in the chart.Source: Company reports/Coresight Research[/caption] [caption id="attachment_118430" 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=528]
Source: Company reports/Coresight Research
[caption id="attachment_118432" 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_118433" 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 T.J. 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=529]
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=530]Revenue figure depicted for Gymboree is for the nine-month period ended November 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 2,207 store closures and 520 store openings. Our data represent closures and openings by calendar year. This week, there have been no updates to our 2020 UK closure count, which remains at 2,207. We made a revision to the openings count for Flannels, which has reduced our opening count to 520. 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=129]Source: Company reports/Coresight Research
What Is Happening This Week in the UK
Flannels Plans To Open 17 Stores Fashion retailer Flannels has opened a new store in Birmingham and has announced plans to open an additional 17 stores by the end of 2021—two by the end of 2020 and the remaining 15 in 2021. The company’s ambitious expansion plans are a part of parent company Frasers Group’s wider business strategy. Our earlier estimate was based on the company’s multi-year expansion plan announced in March 2019, under which the company planned to open 60 stores in three years. Following this week’s update, we have revised down the openings count for the year.Non-Store-Closure News
Clarks Begins Negotiations with Landlords Shoe retailer Clarks has begun talks with landlords over possibly switching to turnover rent models, as part of the footwear retailer’s wider company voluntary arrangement (CVA) proposal, according to Retail Gazette. As part of the proposed CVA, Clarks could potentially close up to 50 of its 345 stores in the UK. Earlier this month, the company received a £100 million ($130.5 million) rescue deal from Hong Kong-based private equity firm LionRock Capital, but this was subject to creditors approving the CVA proposal. [caption id="attachment_118437" 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_118438" 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=532]
Source: Company reports/Coresight Research
[caption id="attachment_118442" 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_118443" 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.