DIpil Das
The US
2020 Summary In the US, we recorded a total of 8,721 planned store closures and 3,304 openings in 2020, following this week’s revision to the openings count of Charming Charlie and closure count of Tuesday Morning. We include charts of 2020 closures and openings later in this report and we will review 2020’s developments and provide a look ahead to 2021 in a forthcoming report. Also forthcoming is our new monthly Store Tracker Extra report, which will provide additional data points that complement the Weekly US and UK Store Openings and Closures Tracker. 2021 Major US Store Closures and Openings As of week one, 2021, US retailers have announced 1,428 closures and 1,823 openings for the full year. Our data represent closures and openings by calendar year, so these totals include announcements made in 2020 of closures and openings expected to fall in 2021.What Is Happening This Week in the US
Charming Charlie To Open Up To 25 Stores Women's clothing and accessories retailer Charming Charlie plans to open up to 25 stores in 2021. The first of these stores is set to open in April at Green Acres Mall in Valley Stream, New York. The retailer had previously closed all of its 261 stores in 2019 after filing for bankruptcy, but it began a comeback in September 2020 with the opening of its first location under new management in Cumberland Mall, Atlanta. Since then, Charming Charlie has opened an additional five stores. Macy’s To Close 45 Stores Department store chain Macy’s plans to close 45 stores in 2021. The store closures are part of its restructuring plan announced in February 2020, which includes the closure of 125 stores by 2023. The company said it is committed to rightsizing its store fleet by concentrating on existing retail locations in malls with high traffic. Coresight Research insight: We estimate that Macy’s closed 42 stores in 2020, so these 2021 closures are consistent with that trend as part of the company’s already announced closures plan. We provide our start-of-the-year outlook for US department stores in our recently published 2021 Retail and Technology Outlook.Non-Store-Closure News
Tuesday Morning Exits Bankruptcy Apparel retailer Tuesday Morning has exited Chapter 11 bankruptcy with new debt financing and a planned rights offering for shareholders. The retailer had filed for bankruptcy in May 2020 and had a store fleet of 687 stores at that time. Following a series of store closures last year, Tuesday Morning currently operates 490 stores. This has changed our closure count for Tuesday Morning to 215 closures for 2020. JCPenney CEO Resigns Department store chain JCPenney has announced that CEO Jill Soltau has resigned from her position, and the company is looking for a replacement. Soltau had joined the company as CEO in October 2018. LVMH Acquires Tiffany & Co. French multinational luxury retailer LVMH completed its acquisition of jewelry retailer Tiffany & Co. on January 7, 2020 after shareholders approved an updated purchase agreement. The updated deal replaces the original purchase offer made in November 2019 of $135 per share with a purchase price of $131.50 per share. The final value of the deal is $15.8 billion. 2021 Major US Store Closures and Openings [caption id="attachment_121510" align="aligncenter" width="725"]
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, Children’s Place, Express, Gap, GNC, Heritage Brands, JCPenney, H&M, Michael Kors, Office Depot, RTW Retailwinds and Vitamin Shoppe, among others. Estimates for Banana Republic, Bed Bath & Beyond, Build-A-Bear, Chico’s, Gap and Michael Kors closures pertain to North America closures. Macy’s includes Macy’s and Bloomingdale’s banners. Ascena Retail Group includes Justice, Catherines, Ann Taylor, Lane Bryant, LOFT and Lou & Grey Source: Company reports/Coresight Research [/caption] [caption id="attachment_121511" align="aligncenter" width="725"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. We estimate this information for Aerie, Aldi, Casey’s, Dollar General, Dollar Tree, Lidl, Madison Reed, and Payless among others. Aerie, Bed Bath & Beyond, Chico’s, Michaels and Old Navy openings pertain to North America openings. Source: Company reports/Coresight Research [/caption] 2021 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=676 table_view=regular]
Source: Company reports/Coresight Research [caption id="attachment_121512" align="aligncenter" width="725"]
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, Pet Valu, 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 Group 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 so are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_121513" align="aligncenter" width="725"]
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 Retail Bankruptcies [wpdatatable id=677 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
The UK
2020 Summary In the UK, we recorded a total of 2,545 store closures and 477 store openings, following a revision to the opening count of Card Factory this week. We will review 2020’s closures and openings in an upcoming report. 2021 Major UK Store Closures and Openings As of week one, 2021, UK retailers have announced 270 closures and 194 openings for the full year. Our data represent closures and openings by calendar year, so these totals include announcements made in 2020 of closures and openings expected to fall in 2021.What Is Happening This Week in the UK
Arcadia Group Looks To Sell Topshop Flagship Store Multi-brand retail group Arcadia Group is reportedly looking to sell its flagship Topshop store on Oxford Street in London. The retailer, which had collapsed into administration in November 2020 and appointed restructuring firm Deloitte as administrators, is now auctioning off its Topshop brand, which could conclude as soon as this month.Non-Store-Closure News
Frasers Group Acquires Psyche Multi-brand retail group Frasers Group has acquired the stores and online business of fashion retailer Psyche for an undisclosed sum. Psyche operates two stores in the UK and employs 58 people. Psyche owner Steve Cochrane will continue as CEO following the takeover. Paperchase Files Notice To Appoint Administrators Stationery retailer Paperchase has filed a notice to appoint administrators from restructuring firm PwC to advise on its insolvency process. The retailer currently operates 127 stores and employs 1,500 staff. The retailer’s decision to move toward administration was driven by poor sales in November and December 2020 amid Covid-19 lockdown measures and tiered restrictions. [caption id="attachment_121514" align="aligncenter" width="725"]
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 Argos, Marks & Spencer, Office, Sainsbury’s, Truworth and WHSmith. McColl’s includes convenience stores and newsagents. Source: Company reports/Coresight Research [/caption] [caption id="attachment_121515" align="aligncenter" width="725"]
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, B&M, Flannels, Heron Foods, Lidl, Screwfix and Planet Organic. Source: Company reports/Coresight Research [/caption] 2021 Major UK Uncharted Openings and Closures [wpdatatable id=678 table_view=regular]
Source: Company reports/Coresight Research [caption id="attachment_121516" align="aligncenter" width="725"]
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, Marks & Spencer, Sainsbury’s, Truworth and WHSmith. Arcadia Group 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 so are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_121517" align="aligncenter" width="725"]
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, Marks & Spencer and Sainsbury’s. Card Factory is based on the proportion of net existing stores in the UK. 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.