DIpil Das
The US
2020 Major US Store Closures and Openings Year to date in 2020, US retailers have announced 8,379 planned store closures and 3,399 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 saw updates from Foot Locker, Hibbett Sport, Home Depot, L Brands and Lowe’s which increased the 2020 US closures and openings count. 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=136]
Coresight Research periodically updates the count for openings and closures when there are new updates or revisions to previous announcements from companies and this could involve retrospective revisions of totals for some weeks. Source: Company reports/Coresight Research
What Is Happening This Week in the US
Williams-Sonoma to Close 40 Stores Home-furnishings retailer Williams-Sonoma has announced during its third-quarter earnings call on November 20 that it will close approximately 40 stores this year. With half of the company’s leases due for renewal in the next 3 years, it will evaluate each lease and factor in the economics of the deal and capacity of the stores to enhance the brand. The announced closures have been previously tracked.Quarterly Store Openings/Closures Settlements
Shoe Carnival Opens One Store Footwear retailer Shoe Carnival reported that it opened one new store in its third quarter, ended October 31, 2020. The company has opened three stores and closed 12 stores year-to-date in fiscal year 2020. The company operates 383 stores as of October 31, 2020. The Children’s Place Closes 16 Stores Children’s apparel retailer The Children’s Place reported that it closed 16 stores in its third quarter of fiscal year 2020, ended October 31, 2020. The company operates 809 stores as of October 31, 2020. These closures have already been accounted for in our closure chart. Hibbett Sports Closes Five Stores Sports retailer Hibbett Sports reported that it closed five stores in the quarter ended October 31, 2020. The company operates 1,074 stores as of October 31, 2020. Foot Locker Provides Update on Store Count Shoe retailer Foot Locker has closed an estimated 117 stores and opened an estimated 30 stores across various banners in the US in the nine months of its ongoing fiscal year, ended October 31, 2020. The retailer has opened nine and closed 18 Footlocker stores; opened an estimated two and closed an estimated six Kids Foot Locker stores; closed seven Lady Foot Locker stores; opened an estimated eight and closed an estimated six Champs Sports stores; closed an estimated seven and opened an estimated two Footaction stores; and has closed all of its 82 Runners Point stores. This has taken the year-to-date closure and openings count for Foot Locker to 125 closures and 33 openings. Lowe’s Opens One Store Home-improvement retailer Lowe’s has opened a new store in its third quarter of fiscal year 2020, ended October 30, 2020. This takes Lowe’s opening and closures for the year to one and nine, respectively. The company operates 1,969 stores in North America as of October 30, 2020. Home Depot Opens Two Stores Home-improvement retailer Home Depot has opened two stores in its third quarter of fiscal year 2020, ended November 1, 2020. The company operates 2,295 stores in North America as of November 1, 2020. L Brands Provides Update on Store Count L Brands, parent company of Victoria’s Secret, PINK, and Bath & Body Works has announced that in the nine months ended October 31, 2020 it has closed 223 and opened 18 Victoria’s Secret stores in the US; opened two and closed three PINK stores; and opened 24 and closed 18 Bath & Body Works stores in the US. The company operates 704 Victoria’s Secret Stores, 143 PINK, stores and 1,643 Bath & Body Works stores in the US. This has taken the year to date closure and openings count for Victoria’s Secret to 231 closures and 21 openings. The closures and openings for Bath & Body Works have been previously tracked in our charts.Non-Store-Closure News
Lululemon Appoints New CFO Athletic apparel retailer Lululemon Athletica has appointed Meghan Frank as its new CFO effective November 23, 2020. Frank has served as interim co-CFO along with VP and Controller Alex Grieve since May 2020, after the departure of the company’s previous CFO Patrick Guido. Guitar Center Files for Bankruptcy Musical instruments retail chain Guitar Center has confirmed that it has filed for Chapter 11 bankruptcy and is expected to exit bankruptcy by the end of the year. The retailer said that it has signed a deal with its creditors in support of a plan that would reduce its debt of roughly $1.3 billion by $800 million and has secured new financing from investors. The retailer has not announced plans to reduce its store footprint as part of the filing but has hired advisers to evaluate its real estate portfolio for possible closures. [caption id="attachment_119956" 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, Heritage Brands, 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. Victoria’s Secret includes PINK and Victoria’s Secret banners. *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_119957" 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. Beauty Systems Group, a subsidiary of Sally Beauty Holdings, is charted under the parent banner. *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=583 table_view=regular]
Source: Company reports/Coresight Research [caption id="attachment_119960" 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_119961" 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=584 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=585 table_view=regular]
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 2,351 store closures and 534 store openings. Our data represent closures and openings by calendar year. This week, there have been no updates to the 2020 UK store closure and openings count. 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=137]
Source: Company reports/Coresight Research
What Is Happening This Week in the UK
Abercrombie & Fitch to Close UK Flagship Store Apparel retailer Abercrombie & Fitch has said it will close its UK flagship store in London by the end of January 2021. The closure is part of the retailer’s plan to close seven of its global flagship stores due to a drop in footfall caused by the pandemic. We have not charted this closure in our closures chart as it is unconfirmed whether it will close in December this year or in January 2021. We have added this entry to the table of uncharted closures, and will track the retailer for an update.Non-Store-Closure News
Peacocks and Jaeger Enter Administration Fashion brands Peacocks and Jaeger have entered administration after parent company Edinburgh Woollen Mill Group failed to find a buyer for the brands. The parent company’s other brands Edinburgh Woollen Mill and Ponden Home also entered administration two weeks before. The retail group appointed Tony Wright and Alastair Massey from business advisory firm FRP as joint administrators but have not made any redundancies or store closure announcements so far. Clarks CVA Approved by Creditors Apparel retailer Clarks’ proposed CVA has been approved by 90% of its creditors. The CVA will allow the retailer to keep all of its 320 stores open and will cut rents to zero on 60 stores. The CVA was a pre-requisite for Hong Kong- based private equity firm LionRock Capital’s £100 million ($133 million) deal to acquire a majority stake in the company. [caption id="attachment_119965" 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, Truworth and WHSmith. 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_119966" 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=587 table_view=regular]
Source: Company reports/Coresight Research [caption id="attachment_119968" 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_119969" 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.