DIpil Das
The US
2021 Major US Store Closures and Openings This week, we discuss updates for Bed Bath & Beyond, Birkenstock and Sheetz. In light of these updates, our 2021 US openings and closures counts stand at 3,591 and 3,382, 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 16 of 2021, ended April 23, 2021, to closures and openings tracked up to week 17 of 2020, ended April 24, 2020. Year to date in 2021, major retailers have announced 45.7% more openings and 55.0% more closures compared to the same time last year.2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=196]
2020 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=197] 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
Birkenstock Opens a New Store Footwear retailer Birkenstock has opened a new store in Brooklyn. The store is the company’s third in the US, with the other two located in New York City and Venice Beach, California. Sheetz Opens a New Store Convenience store retailer Sheetz has opened a store in Ohio and plans to open around 50 more over a five-year period starting in 2022. The company operates 621 stores in six states, as of April 23, 2021.Quarterly Store Openings/Closures Settlement
Bed Bath & Beyond To Close 200 Stores Home goods retailer Bed Bath & Beyond opened five stores and closed 118 in its fourth quarter, ended February 27, 2021. The company plans to close 200 stores and open seven in its fiscal year ending early March 2022. In our tracker, the update takes the company’s 2020 opening and closure counts to 12 and 85, respectively, and 2021 opening and closure counts to eight and 246, respectively. The company operates 1,020 stores, as of February 27, 2021.Non-Store-Closure News
Lord & Taylor Launches as Online Store Bankrupt department store chain Lord & Taylor has been launched as an online store by its owners The Saadia Group. The department chain went bankrupt in August 2020 and liquidated all its stores. The Saadia Group bought the intellectual property and e-commerce assets of Lord & Taylor from previous owner Le Tote Inc. in a bankruptcy auction in October 2020 for $12 million. 2021 Major US Store Closures and Openings [caption id="attachment_126254" 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_126255" 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 four 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=889 table_view=regular]
Source: Company reports/Coresight Research Following this week’s updates Bed Bath & Beyond, we have changed our 2020 US opening and closure counts to 3,367 and 9,365, respectively. [caption id="attachment_126256" 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_126257" 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=871]
N/A – Not Available *Belk emerged from bankruptcy in February 2021 Source: Company reports/Coresight Research
2020 Major US Retail Bankruptcies [wpdatatable id=872]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 Amazon, Armani, Baytree Interiors, Jigsaw, Lululemon, Peloton and Sandersons. In light of these updates our 2021 UK openings increased to 420 this week and our closure count remains unchanged at 1,169. 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 16 of 2021, ended April 23, 2021, to closures and openings tracked up to week 17 of 2020, ended April 24, 2020. Year to date in 2021, major UK retailers have announced 5.2% more openings and 9.7% fewer closures compared to the same time last year.2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=198]
2020 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=199]
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
Amazon Opens Third Amazon Fresh Store Amazon has opened an Amazon Fresh store in London, its third in the UK. The company opened its first Amazon Fresh store in London on March 4, 2021 and its second on March 16, 2021. Also this week, Amazon announced that it would open a hair salon in London’s Spitalfields in the coming weeks (salons are not included in our retail store count). Armani Opens a New Store Luxury brand Armani has opened a store in Essex. The store spans 1,900 square feet and takes the brand’s store count in the UK to 23. Jigsaw To Open Three Stores Apparel retailer Jigsaw opened a new store in Yorkshire on April 15, 2021, and plans to open two more stores in Bath and Manchester. The new openings will take the company’s store count to 48. Lululemon Opens a New Store Activewear brand Lululemon has opened a new store at SouthGate shopping center in Bath. The store spans 2,800 square feet and takes the company’s store count in the UK to 18. Peloton Opens a New Store Fitness brand Peloton has opened a new showroom in Bath. The showroom spans over 6,000 square feet and takes the company’s showroom count in the UK to 20. Sandersons To Open New Store Department store chain Sandersons plans to open its third store in April 2021. The store will span over 15,000 square feet and will be located at the Five Valleys Shopping Centre in Stroud.Non-Store-Closure News
Asda To Remove In-Store Bakeries Grocery retailer Asda plans to move away from an in-store bakery model to an ambient bakery model using a centralized bakery. The move could affect up to 1,200 employees. [caption id="attachment_126258" 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_126259" 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=875]
Source: Company reports/Coresight Research
[caption id="attachment_126260" 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 seven store openings and so are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_126261" 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.