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The US
2021 Major US Store Closures and Openings This week, we discuss updates for 7-Eleven, Alimentation Couche-Tard, At Home, Designer Brands, Dollar General, Fabletics, Five Below, GameStop, Hobby Lobby, Kroger, Publix Super Markets, Signet Jewelers and Williams-Sonoma. In light of these updates, we have changed our 2021 US openings and closures counts to 3,469 and 3,158, respectively. As we represent closures and openings by calendar year, these totals include announcements made in 2020 of closures and openings expected to fall in 2021. The charts below depict the week-by-week totals of announced US store closures and openings year to date in 2021 and 2020. For year-over-year comparisons, we compare closures and openings up to week 12 of 2021, ended March 26, 2021, with closures and openings tracked up to week 13 of 2020, ended March 27, 2020. Year-to-date in 2021 retailers have announced 42.1% more openings and 62.1% more closures compared to the same time last year.2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=178]
2020 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=179]
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
7-Eleven Opens New Concept Store Convenience store chain 7-Eleven has opened a concept store based on its “evolution” store format in Dallas, Texas. The store is the company’s sixth evolution store and features an integrated Laredo Taco Company drive-thru restaurant. 7-Eleven plans to open two further evolution stores in 2020, one in North Texas and one in Manassas, Virginia, later in the year. The company operates 9,311 stores in the US as of March 26, 2021. Alimentation Couche-Tard To Sell Over 300 Stores Convenience store chain Alimentation Couche-Tard has sold 49 stores in Oklahoma to Casey’s General Stores in a deal that should complete by July 31, 2021. The company has also a further 269 stores in the US as up for sale. The company stated that the stores no longer fit its strategic objectives in terms of brand or regional scale. The retailer operates 9,257 stores in North America as of January 31, 2021. We have recorded the store sales as closures by Couche-Tard and have updated our tracker accordingly. We have not updated the store purchase as openings by Casey’s in our count as we expect that these store openings fall under the retailer’s previous store expansion plan, which we have already accounted for in our tracker. At Home To Open 14 Stores Home and office retailer At Home has announced plans to open 15 new stores in its fiscal year, ending early February 2022. We estimate that 14 of the stores will open in calendar 2021 and have updated our opening count accordingly. The retailer operates 219 stores as of January 30, 2021. Designer Brands To Close 24 Stores in 2021 Apparel retailer Designer Brands has announced plans to close 65 stores over its next four fiscal years, with 24 stores set to close in its fiscal year ending early February 2022. The update takes our 2021 US closure count to 25. The retailer operates 519 stores in the US as of January 30, 2021. Fabletics To Open 24 Stores in 2021 Activewear fashion brand Fabletics has announced that it will open 24 stores in 2021, as updated in our openings chart. The retail store expansion will take the company’s store count to 74 by the end of the year. Hobby Lobby Opens One New Store Arts and crafts retailer Hobby Lobby has opened a new store in Troy, Alabama on March 19, 2021. The store spans 50,000 square feet and takes the company’s store count in Alabama to 26. The retailer operates over 900 stores across the US as of March 26, 2021. Kroger To Close Three Stores in Los Angeles Supermarket chain Kroger has announced plans to shutter three stores in Los Angeles, California. A spokesperson for the company stated “the increased costs of operating during Covid-19, consistent financial losses at these three locations, and recent pay mandate” as the reason behind the closures. The company operates around 2,750 stores as of March 26, 2021. Rhone Opens a New York Flagship Men’s activewear brand Rhone has opened a flagship store in New York City. The retailer has also announced plans to open one store in Boston later in the year. The flagship store spans 1,500 square feet and is in the city’s Flatiron District. The store openings will take Rhone’s store count to five.Quarterly Store Openings/Closures Settlement
Dollar General Provides Store Count Update Discount retailer Dollar General has opened 220 stores and closed 22 stores in its fourth quarter, ended January 29, 2021. The retailer reiterated its plans to open 1,050 stores in its fiscal year, ending early February 2022. The update takes our calendar 2020 openings and closure counts for the retailer to 927 and 94, respectively, and our calendar 2021 openings and closure estimates for the retailer to 1,035 and seven, respectively. Dollar General operates 17,177 stores across 46 US states, as of January 29, 2021. Five Below Provides Store Count Update Discount retailer Five Below has closed opened two stores in its fourth quarter, ended January 30, 2021. The retailer plans to open 170–180 stores in its fiscal year, ending early February 2022. The retailer expects to open 60 stores in the first quarter and 90–100 stores in the first half of its fiscal year. The update takes our calendarized 2020 and 2021 opening counts to 119 and 158, respectively. The retailer operates 1,020 stores as of January 30, 2021. GameStop Provides Store Count Update Videogame retailer GameStop has closed a net 232 global stores in its fourth quarter, ended February 1, 2021. We estimate that retailer had 154 net closures in the US in its fourth quarter, taking our calendar 2020 and 2021 closure counts to 408 and 51, respectively. The retailer operates 3,192 stores in the US as of February 1, 2021. Publix Super Markets Provides Store Count Update Grocery retailer Publix Super Markets opened 39 stores and closed 14 stores in its fiscal year ended December 26, 2020. The company stated that it has opened four stores in 2021, taking its store count to 1,268 as of March 26, 2021. Signet Jewelers Plans Worldwide Store Reshuffle Jeweler Signet Jewelers closed 296 stores and opened 20 stores in North America in its fiscal year, ended January 30, 2021. The retailer plans to close around 100 stores and open 100 stores globally in its current fiscal year, ending early February 2022. Within the global plans, we estimate that 88 closures and 88 openings will fall in North America, based on the company’s store distribution. The update takes our 2020 openings and closure counts to 17 and 276, respectively. We have updated the 2021 openings and closure counts for the retailer to 87 and 101, respectively. Signet Jewelers operates 2,481 stores in North America as of January 30, 2021. Williams-Sonoma Closes 33 Stores Home and office retailer Williams-Sonoma closed 33 stores in its fourth quarter, ended January 31, 2021. The update takes our 2020 and 2021 closure counts for the retailer to 32 and 11, respectively. Williams-Sonoma operates 581 stores as of January 31, 2021.Non-Store-Closure News
Shoe Carnival Hires New CEO Shoe Carnival has named its current President and Chief Customer Officer, Mark Worden, as its next CEO, effective September 30, 2021. Worden will succeed Cliff Sifford, who will continue to serve as Vice Chairman of the Board. Sifford, who joined at the shoe retailer in 1997, has been CEO since 2012. 2021 Major US Store Closures and Openings [caption id="attachment_124975" 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 American Eagle, Bed Bath & Beyond, Children’s Place, Express, Gap, GNC, Godiva, Heritage Brands, JCPenney, H&M, L'Occitane, Michael Kors, Office Depot, RTW Retailwinds and Vitamin Shoppe, among others. Estimates for Banana Republic, Bed Bath & Beyond, Build-A-Bear, Chico’s, Gap, Michael Kors and Signet Jewelers 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. Family Video, which operates primarily under a rental business model, is included in the chart since it also retails certain products and for comprehensiveness, given its outlets would commonly be perceived as retail stores. Source: Company reports/Coresight Research [/caption] [caption id="attachment_124977" 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 Old Navy and Signet Jewelers openings pertain to North America openings. TJX Companies includes Marmaxx (T.J. Maxx and Marshalls), HomeGoods, Sierra, and HomeSense stores.
Aerie includes Aerie stores and OFFLINE stores.
*Total includes a small number of retailers that each announced fewer than two store openings and so are not included in the chart.
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=821 table_view=regular]
Source: Company reports/Coresight Research Following this week’s updates for At Home, Dollar General, Five Below, GameStop, Publix, Signet Jewelers and Williams-Sonoma we have changed our 2020 US openings and closure counts to 3,339 and 9,228, respectively. [caption id="attachment_124978" 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 13 store closures and so are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_124979" 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 six store openings and are not included in the chart.
Source: Company reports/Coresight Research [/caption] 2021 Major US Retail Bankruptcies [wpdatatable id=822 table_view=regular]
N/A – Not Available *Belk emerged from bankruptcy in February 2021 Source: Company reports/Coresight Research 2020 Major US Retail Bankruptcies [wpdatatable id=823 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
2021 Major UK Store Closures and Openings This week, we discuss updates for Beales, Decathlon, Dunelm, John Lewis, Joules and Mango. In light of these updates, we have changed our 2021 UK openings and closure counts to 379 and 1,147, respectively. The charts below depict the week-by-week totals of UK store closures and openings year to date in 2021 and 2020. For year-over-year comparisons, we are comparing closures and openings up to week 12 of 2021, ended March 26, 2021, to closures and openings tracked up to week 13 of 2020, ended March 27, 2020. Year-to-date in 2021 UK retailers have announced 2.3% fewer openings and 4% fewer closures compared to the same time last year.2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=180]
2020 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=181]
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 UK
Beales To Reopens Peterborough Store New Start 2020 Ltd., the owner of Beales as of May 2020, reportedly plans to reopen its Peterborough department store in May 2021. The department store chain filed for administration in January 2020 and administrators were forced to liquidate its 21 stores after it did not receive any buyout offers. Chief Executive Tony Brown stated that there will be opportunities for further store openings over the next year. Decathlon To Open Flagship Store Sports apparel and accessories retailer Decathlon plans to open a flagship store in London. The store spans 35,000 square feet and is expected to be fully open to the public in April 2021, following the lifting of England’s lockdown restrictions on retail on April 12. The retailer operates 43 stores as of March 26, 2021. Dunelm To Open One Store Home and office retailer Dunelm plans to open a store in Wolstanton Retail Park in Newcastle-Under-Lyme on April 12. The store will span 34,000 square feet and include a Pausa Café and a standalone Dorma brand store. Dunelm operates 175 stores as of March 26, 2021. John Lewis To Close Eight Stores Department store chain John Lewis has confirmed plans to close eight department stores. The retailer stated last week that it did not expect to reopen all of its John Lewis department stores once England’s coronavirus restrictions end. The retailer will operate 34 department stores after coronavirus restrictions end on April 12. Coresight Research insight: As we noted last week, it is the store experience—of service and expertise, events, product range, and omnichannel options—that underpins consumer trust in the John Lewis brand. John Lewis already has a limited store base of just 42 stores, meaning that these eight closures slash the chain’s store network by one-fifth (although we note that half of these closures are stores in the non-full-range John Lewis at Home banner). As a result, we see a real risk of long-term brand degradation arising from this cull and previous closures (John Lewis also closed eight stores last year, as shown in our 2020 closures chart below). For more consumers, John Lewis will now be “just another” online retailer. Joules To Open Six Stores Apparel retailer Joules has partnered with holiday company Center Parcs to open six stores in the latter’s holiday villages. The stores are set to open during spring 2021, with the first store launching in Center Parcs Woburn Forest in Bedfordshire on April 12. The retailer operates 32 stores as of March 26, 2021. Mango To Open Flagship Store in London Apparel retailer Mango has announced plans to open a flagship store on London’s Oxford Street in its third quarter of 2021. The stores will span over 15,000 square feet across three floors. The retailer operates 36 stores as of March 26, 2021.Non-Store-Closure News
Browns CEO Steps Down Luxury retailer Browns has announced that Holli Rogers has stepped down from her role as CEO, with plans to focus on her position as Chief Brand Officer at parent company Farfetch. Paul Brennan, who is currently serving as Chief Operating Officer at Browns, will step into the newly created role of Managing Director and will oversee day-to-day operations at the company from April 1, 2021. Rogers will transition to a chair position at Browns and will continue to influence the strategic and creative direction of the company. [caption id="attachment_124981" 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 Arcadia Group, Argos, Edinburgh Woollen Mill, Jaeger, Marks & Spencer, Office, Ponden Home, Sainsbury’s, Truworth and WHSmith. McColl’s includes convenience stores and newsagents. Arcadia Group includes 21 Outfit stores and other 10 stores that have not yet been disclosed. Source: Company reports/Coresight Research [/caption] [caption id="attachment_124982" 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, JYSK, Lidl, Screwfix and Planet Organic. Source: Company reports/Coresight Research [/caption] 2021 Major UK Uncharted Openings and Closures [wpdatatable id=826 table_view=regular]
Source: Company reports/Coresight Research [caption id="attachment_124983" 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_124984" 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.