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The US
2020 Major US Store Closures and Openings Year to date in 2020, US retailers have announced 8,425 planned store closures and 3,407 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 Big Lots, Signet Jeweler and Wayfair, which increased the 2020 US closures and openings counts. 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=140]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
Francesca’s Files for Bankruptcy Bridal apparel retailer Francesca's has filed for Chapter 11 bankruptcy and plans to sell its store and digital operations. The retailer had announced in November that it plans to close 140 of its 700 stores by January 2021, of which we estimated a calendarized count of 84 closures this year, taking its total estimated closures in 2020 to 97. In its latest announcement, the retailer stated that it will be looking to shut an additional 97 stores. We have recorded the additional planned closures in our table of uncharted closures (rather than the 2020 chart) as the timeline for closures is unclear. The bankruptcy auction of Francesca’s assets is set to conclude by January 20, 2021, and private equity firm TerraMar Capital has agreed to be a stalking horse bidder. Loves Furniture Hires New CEO and Plans To Close Seven Stores Home décor and furniture retailer Loves Furniture has hired Mack Peters as its new CEO, replacing Matt Damiani, who has stepped down. The retailer has announced plans to close five stores in the Pennsylvania area and an additional two stores in the Michigan area as part of a strategic realignment. Sephora To Open 850 Shop-in-Shop Locations in Kohl's by 2023 LVMH-owned beauty products retailer Sephora has partnered with department store chain Kohl’s to open 850 shop-in-shops in Kohl’s stores by 2023. Sephora has also announced plans to open 60–70 standalone stores in 2021. The Sephora and Kohl’s partnership will eventually replace Sephora’s current deal with bankrupt department store JCPenney. Wayfair To Close Its Brick-and-Mortar Store Digital-first home goods and furniture retailer Wayfair has announced that it will close its only physical retail store located at the Natick Mall in Massachusetts, on December 31, 2020. The company opened the store in August 2019 and has since opened four pop-up stores. Wayfair said that it is leveraging its in-store experience to fine-tune its long-term physical retail plans and more clearly define its omnichannel shopping experience.Quarterly Store Openings/Closures Settlements
Big Lots Opens Four Stores Discount retailer Big Lots has opened four stores (net) in its third quarter, ended November 2, 2020. This has taken its year-to-date openings to 14. The company operates 1,411 stores as of November 2, 2020. Dollar General To Open Over 1,000 Stores in 2021 Dollar store chain Dollar General has announced in its third-quarter earnings release that it plans to open 1,050 stores in its fiscal year 2021, ending January 2022. The retailer also announced that it plans to remodel 1,750 stores and relocate 100 stores in fiscal year 2021. As charted below, Dollar General is the top retailer for opening stores this year, with an estimated 986 opening in calendar year 2020. Ollie’s Bargain Outlet Opens 19 Stores Discount retailer Ollie’s Bargain Outlet has opened 17 stores in its third quarter, ended October 31, 2020. The company operates 385 stores as of October 31, 2020. The openings have already been accounted for in our openings chart. Signet Jewelers Closes 23 Stores Jewelry retailer Signet Jewelers has closed 23 stores and opened one store in North America in its third quarter, ended October 31, 2020. This takes the year-to-date closures for Signet Jewelers to 235. The company operates 2,539 stores across its Ernest Jones, H. Samuel, James Allen, Jared, Kay Jewelers, Peoples, Piercing Pagoda and Zales banners as of October 31, 2020. Ulta Beauty Opens 17 Stores Beauty products retailer Ulta Beauty has opened 17 stores and closed 19 stores in its third quarter, ended October 31, 2020. The company operates 1,262 stores as of October 31, 2020. These openings and closures have already been accounted for in our charts.Non-Store-Closure News
Stein Mart To Relaunch as Online Store in 2021 Private equity firm Retail Ecommerce Ventures plans to relaunch discount department store chain Stein Mart as an online store in early 2021. Retail Ecommerce Ventures acquired Stein Mart’s intellectual property in a bankruptcy auction for $6 million in November 2020. The department store chain had filed for bankruptcy in August 2020 and had liquidated all of its stores. [caption id="attachment_120616" 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_120617" 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=620]
Source: Company reports/Coresight Research
[caption id="attachment_120618" 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_120619" 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.[/caption] 2020 Major US Retail Bankruptcies [wpdatatable id=621]
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=622]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<br Source: Company reports/Coresight Research
The UK
2020 Major UK Store Closures and Openings For 2020, major retailers in the UK have announced 2,411 store closures and 534 store openings. Our data represent closures and openings by calendar year. This week, we made an update to the opening counts for Amazon and Cath Kidston, which has resulted in the 2020 UK store openings total equaling the total recorded last week, while the closure count remains unchanged. 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=141]Source: Company reports/Coresight Research
What Is Happening This Week in the UK
Cath Kidston Reopens Flagship Home-furnishing retailer Cath Kidston has reopened its flagship store in London. The retailer had entered administration in April this year and had permanently closed all of its 60 stores and operated primarily online after being acquired by Hong Kong-based private equity firm, Baring Private Equity Asia. The retailer said that the store would be experiential and that it has been designed to fit alongside its digital-first strategy.Non-Store-Closure News
Debenhams in Rescue Talks with Frasers Group Department store chain Debenhams has entered last-minute rescue talks with retail group Frasers Group after the acquisition talks with JD Sports fell through. The department store chain had announced last week that it would wind down its business after acquisition talks with JD Sports collapsed. Frasers is reportedly looking to buy Debenhams in a deal worth around £200 million ($268 million). The deal could also see Frasers Group operate Debenhams’ 124 stores under 12-month licenses. [caption id="attachment_120621" 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_120622" 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=624]
Source: Company reports/Coresight Research
[caption id="attachment_120626" 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_120627" 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.