DIpil Das
The US
2021 Major US Store Closures and Openings This week, we discuss updates for Best Buy, Guess, Johnnie-O, The Collected Group and Urban Outfitters. In light of these updates, we have updated our 2021 US openings and closures counts to 3,577 and 3,221, 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 14 of 2021, ended April 9, 2021, to closures and openings tracked up to week 15 of 2020, ended April 10, 2020. Year-to-date in 2021 major retailers have announced 45.3% more openings and 48.8% more closures compared to the same time last year.2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=188]
2020 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=189]
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
Johnnie-O Opens New Store Digital apparel retailer Johnnie-O has opened a new store in Fort Worth, Texas on March 25, 2021. The retailer operates three stores as of April 8, 2021. Omega Sports Files for Bankruptcy Sporting goods retailer Omega Sports filed for bankruptcy on March 25, 2021, listing both its liabilities and assets in the range of $1–10 million. The retailer operates seven stores as of April 9, 2021, and no store closures have been announced. The Collected Group Files for Bankruptcy The Collected Group, parent company of fashion brands Joie, Equipment and Current/Elliott filed for bankruptcy on April 5, 2021. The bankruptcy follows a decline in sales and other financial disruptions related to the pandemic. The group surrendered its 33 physical stores to landlords prior to filing and will focus on its e-commerce operations going forward.Quarterly Store Openings/Closures Settlement
Best Buy Provides Store Count Update Electronics retailer Best Buy closed 21 stores and opened three stores in its latest fiscal year, ended January 30, 2021. This update takes its 2020 and 2021 closure counts to 20 and two, respectively, and 2020 opening counts to three. The retailer operates 991 stores in the US as of January 30, 2021. Guess Closes Three Stores Apparel retailer Guess closed three stores in its fourth quarter, ended January 30, 2021. The update takes its 2020 and 2021 closure counts to 30 and one, respectively. The retailer operates 249 stores in the US as of January 30, 2021. Urban Outfitters To Open 55 Stores Apparel retailer Urban Outfitters confirmed that it opened one and closed four Urban Outfitters stores, opened four and closed one Anthropologie stores, and opened two Free People stores in its fourth quarter, ended January 31, 2021. The update takes our 2020 opening count to five for Urban Outfitters, and to four for both Anthropologie and Free People. We have also amended our 2020 closure counts for Urban Outfitters, Anthropologie and Free People counts to seven, one and one, respectively, in light of the update. The retailer operates 174 Urban Outfitters stores, 204 Anthropologie stores and 138 Free People stores in the US as of January 31, 2021. Urban Outfitters has announced plans to open 55 stores and close 21 stores globally in its current fiscal year, ending early February 2022. We estimate the store expansion to result in 15 new Urban Outfitters stores, 17 new Anthropologie stores and 11 new Free People stores in the US in calendar 2021. We expect the store closures to result in six store closures each for Urban Outfitters and Anthropologie, and five closures for Free People in the US in calendar 2021.Non-Store-Closure News
Brookfield Properties To Go Private Real estate company Brookfield Properties is set to go private and be acquired by Brookfield Asset Management for $6.5 billion. Shareholders have the option to receive cash, shares in Brookfield Asset Management or shares in Brookfield Properties. The deal is still subject to approval by shareholders and the Ontario Superior Court of Justice, and is set to be finalized in the third quarter of 2021. 2021 Major US Store Closures and Openings [caption id="attachment_125605" 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. *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_125618" 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. 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=855 table_view=regular]
Source: Company reports/Coresight Research Following this week’s updates for Best Buy, Guess and Urban Outfitters, we have changed our 2020 US openings and closure counts to 3,357 and 9,255, respectively. [caption id="attachment_125619" 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 18 store closures and so are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_125608" 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, and Under Armour 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=856 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=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 Astrid & Miyu, Browns, Craghoppers and Semichem. Compared to last week, our 2021 UK openings and closure counts increased slightly this week, to 383 and 1,169, 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 14 of 2021, ended April 9, 2021, to closures and openings tracked up to week 15 of 2020, ended April 10, 2020. Year-to-date in 2021 major UK retailers have announced 1.2% fewer openings and 4.1% fewer closures compared to the same time last year.2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=190]
2020 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=191]
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
Astrid & Miyu To Open Notting Hill Store Jeweler Astrid & Miyu plans to open a new store in Notting Hill, London, on April 15, 2021. The opening follows strong sales in 2020, with the retailer witnessing 50% online sales growth in the year. The new store will take the company’s store count to seven. Browns To Open Flagship London Store Luxury retailer Browns plans to open its flagship London store on April 12, 2021. The location covers four floors and spans 9,150 square feet. The new store is the second Browns location in the UK with the other store also located in London. Craghoppers To Open One Store Apparel brand Craghoppers plans to open a store in Stroud’s Five Valley shopping center. The store will span 1,980 square feet and is set to open on April 12, 2021. The brand has 456 points of sale in the UK, including other retailers. Peacocks Bought Out of Administration Apparel retailer Peacocks has been bought out of administration by Steve Simpson, Chief Operating Officer at parent company Edinburgh Woollen Mill, with backing from a consortium of international investors. Simpson will take over the business, which includes 200 stores, with plans to reopen stores once UK lockdown restrictions ease. The retailer permanently closed 200 of its over 400 stores when parent company Edinburgh Woollen Mill entered administration in November 2020. Semichem To Close 22 Stores Semichem, a retailer specializing in household products, plans to close 22 stores across Scotland, Northern Ireland and the North East of England. The closures follow high street trading challenges faced by the retailer, which have been exacerbated amid the pandemic. The retailer operates 86 stores as of April 8, 2021.Non-Store-Closure News
Waitrose Hires New Head of Marketing Supermarket chain Waitrose has hired Emma Isaac as its new Head of Brand Marketing. Isaac replaces interim Head James Morrison. Isaac has previously held senior marketing roles at Barclays and the NatWest Group, where she recently served as Brand Marketing Director. [caption id="attachment_125609" 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 10 other stores that have not yet been disclosed. Source: Company reports/Coresight Research [/caption] [caption id="attachment_125610" 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, 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 Following this week’s updates for Peacocks, we have changed our 2020 UK closure counts to 2,657. [caption id="attachment_125611" 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_125612" 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.