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The US
2021 Major US Store Closures and Openings This week, we discuss updates for Floor & Decor, JCPenney, Lululemon, RH, Shoe Carnival, and Target. In light of these updates, we have updated our 2021 US openings and closures counts to 3,535 and 3,169, respectively. 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 are comparing closures and openings up to week 13 of 2021, ended April 2, 2021, to closures and openings tracked up to week 14 of 2020, ended April 3, 2020. Year-to-date in 2021 retailers have announced 44.6% more openings and 50.5% more closures compared to the same time last year. 2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=184] 2020 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=185]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
Floor & Decor Opens New Store Home and office retailer Floor & Decor opened a new store in Connecticut on March 31, 2021. The company operates 136 stores across 32 states and the new opening marks its first store in Connecticut. JCPenney To Close 18 Stores in May Department store chain JCPenney has announced plans to close 18 stores in May 2021. The company filed for bankruptcy in May 2020 and was brought out of bankruptcy in December 2020 by real estate firms Simon Property Group and Brookfield Management. The store closures are part of a larger store reduction plan announced last year and have already been included in our trackers. RH To Open Four Stores Home and office retailer RH plans to open four new galleries in 2021, one each in Dallas, Jacksonville, Oak Brook and San Francisco. The retailer operates over 106 stores as of January 30, 2021. Target To Open 40 Stores in 2021 Mass merchandiser Target opened three stores in its fourth quarter, ended January 30, 2021. The company has announced plans to open 40 stores in its fiscal year, ending early February 2022, and close two stores in the San Francisco area by June 26, 2021. The update takes our 2020 openings counts to 29 and our 2021 openings and closure counts to 38 and two, respectively. The company operates 1,897 stores as of January 30, 2021.Quarterly Store Openings/Closures Settlement
Lululemon To Open 40–50 Stores Globally Apparel retailer Lululemon opened one store and closed one store in the US in its fourth quarter, ended January 30, 2021. The retailer has announced plans to open 40–50 stores globally in its fiscal year, ending early February 2022. We estimate that 24 of the store openings will be in the US, of which 22 will fall in calendar year 2021. The update takes our 2020 openings and closure counts to 14 and four, respectively. We have updated our 2021 openings count to 22. Lululemon operates 315 stores in the US as of January 30, 2021. Shoe Carnival To Close 10 Stores Shoe Carnival closed one store and opened one store in its fourth quarter, ended January 30, 2021. The shoe retailer plans to open one further store and close 10 stores in its fiscal year, ending early February 2022. The update takes our 2020 openings and closure counts to four and 13, respectively. We have also updated our 2021 openings and closure counts for the retailer to one and nine, respectively. Shoe Carnival operates 383 stores as of January 30, 2021.Non-Store-Closure News
GameStop Hires New Growth Officer Videogame retailer GameStop has hired Elliott Wilke as its new Chief Growth Officer, effective April 5, 2021. Wilke will oversee growth strategies and marketing at the company, having previously served as General Manager of Amazon Prime Pantry Business and Global Technology. 2021 Major US Store Closures and Openings [caption id="attachment_125202" align="aligncenter" width="720"]
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.*Total includes a small number of retailers that each announced fewer than two store closures and so are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_125203" align="aligncenter" width="720"]
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. Amazon includes Amazon Fresh and Amazon Go 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=838]
Source: Company reports/Coresight Research
Following this week’s updates for Lululemon, Shoe Carnival and Target we have changed our 2020 US openings and closure counts to 3,345 and 9,231, respectively. [caption id="attachment_125205" align="aligncenter" width="720"]
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_125206" align="aligncenter" width="720"]
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=839]
N/A – Not Available *Belk emerged from bankruptcy in February 2021 Source: Company reports/Coresight Research
2020 Major US Retail Bankruptcies [wpdatatable id=840]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 Frasers Group and Majestic Wine. Compared to last week, our 2021 UK openings count increases slightly, to 380, while our closures count remains unchanged, at 1,147. 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 13 of 2021, ended April 2, 2021, to closures and openings tracked up to week 14 of 2020, ended April 3, 2020. Year-to-date in 2021 UK retailers have announced 2.1% fewer openings and 5.3% fewer closures compared to the same time last year. 2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=186] 2020 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=187]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
Majestic Wine Opens One Store Wine retailer Majestic Wines has opened a new store in London. The company has announced a new expansion strategy and targets future growth across the UK, having seen a 70% spike in the number of new customers in the past 12 months. The retailer operates 201 stores as of March 31, 2021.Non-Store-Closure News
Frasers Group Acquires Retail Park in Wigan Frasers Group, the parent company of Sports Direct and House of Fraser, has acquired Robin Retail Park in Wigan, UK. The company said that it sees the acquisition as a “stepping stone” to more property acquisitions throughout 2021 within the UK and Ireland. Although plans for the retail park have not been finalized, Michael Murray, Head of Elevation at Frasers, said that “the company plans to transform the retail park into a modern, aspirational shopping destination for the local area.” [caption id="attachment_125209" align="aligncenter" width="720"]
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 10 other stores that have not yet been disclosed.Source: Company reports/Coresight Research[/caption] [caption id="attachment_125210" align="aligncenter" width="720"]
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, Planet Organic and Screwfix.Source: Company reports/Coresight Research[/caption] 2021 Major UK Uncharted Openings and Closures [wpdatatable id=843]
Source: Company reports/Coresight Research
[caption id="attachment_125211" align="aligncenter" width="720"]
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_125212" align="aligncenter" width="720"]
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.