Nitheesh NH
The US
2021 Major US Store Closures and Openings This week, we discuss updates for Aritzia, Boscov’s, Canada Goose, Christopher & Banks, Primark, Sally Beauty and Tapestry. In light of these updates, our 2021 US openings and closure counts stand at 3,840 and 4,106, respectively—the first time that closures have outnumbered openings since week six. 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 19 of 2021, ended May 14, 2021, to closures and openings tracked up to week 20 of 2020, ended May 15, 2020. Year to date in 2021, major retailers have announced 51.4% more openings and 80.5% more closures compared to the same time last year. 2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=210] 2020 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=211]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
Boscov’s To Open One Store in October Department store chain Boscov’s plans to open one new store in Niles, Ohio, in October 2021. The store will span 180,000 square feet and will be located in Eastwood Mall. The company operates 48 stores as of May 14, 2021. Canada Goose Opens One Store Apparel retailer Canada Goose opened one store in California on May 6, 2021. The store is located at the South Coast Plaza Mall, in Costa Mesa. The retailer operates five Canada Goose stores in the US as of May 14, 2021. Christopher & Banks To Close All Stores Apparel retailer Christopher & Banks is set to close all of its 449 stores. The retailer filed for bankruptcy on January 13, 2021, due to the financial impact of the coronavirus pandemic. At the time of filing, the retailer announced plans to close the majority of its stores. The 449 closures put Christopher & Banks at the top of our chart with the most announced store closures of any retailer so far this year. Primark To Open Two Stores Apparel retailer Primark plans to open two stores in New York. The stores will be located in Macerich malls, one each in Tysons and Valley Stream. The store openings will take the company’s US store count to 14. Sally Beauty Plans To Close 70 Stores Beauty retailer Sally Beauty Group plans to close 70 Sally Beauty stores in the coming months. The company stated that the store closures will help it to analyze sales transfer and purchasing patterns to better inform future plans for its store portfolio. The retailer operates 3,625 Sally beauty stores as of March 31, 2021. The company also announced closures in its Beauty Systems Group; however, this division is solely B2B, so these closures are not included in our retail total. The Giant Company To Open Four Stores by 2023 Grocery retailer the Giant company plans to open four stores in Philadelphia by 2023. The company is set to open a 32,000-square-foot Heirloom Market store in the Fashion District mall, a Giant store on Washington Avenue spanning 40,000 square feet, a 46,000-square-foot store on Columbus Boulevard and a 50,000-square-foot store at the intersection of North Broad and Spring Garden streets. We have already charted two of these store openings for 2021 and the company is yet to release opening dates for the other two stores so they are not included in our count.Quarterly Store Openings/Closures Settlement
Aritzia Plans To Open up to Eight Stores Women’s wear retailer Aritzia opened five stores in 2020 and plans to open six to eight stores by the end of its second quarter, ending September 2021. The company operates 29 stores in the US as of March 31, 2021. Tapestry Provides Store Count Update Luxury retailer Tapestry has closed 17 Coach stores, five Kate Spade stores and five Stuart Weitzman stores in North America in its third quarter, ended March 27, 2021. The retailer also provided openings and closure updates for calendar 2020, which comprises closures of 20 Coach store closures, 14 Kate Spade stores and 19 Stuart Weitzman stores in North America, and openings of one Coach store, eight Kate Spade stores and one Stuart Weitzman store in North America. The update takes our 2020 and 2021 closures for Tapestry to 53 and 27, respectively and the 2020 openings count to 10. The retailer operates 357 Coach stores, 211 Kate Spade stores and 49 Stuart Weitzman stores in North America as of March 27, 2021.Non-Store-Closure News
At Home To Be Acquired for $2.8 Billion Home and office retailer At Home Group entered into a deal to be acquired by private equity firm Hellman & Friedman for an all-cash offer of $2.8 billion on May 6, 2021. The company will go private and will no longer trade on the New York Stock Exchange after completion. Shareholders will receive $36 per share, a premium of around 17% from the May 4 closing price of $30.67. The deal is expected to close in the third quarter of 2021. Paper Source Acquired by Elliot Investment Management Bankrupt stationery and gift retailer Paper Source has been acquired by private equity firm and owner of book retailer Barnes & Noble, Elliot Investment Management, in a deal worth $51.6 million. The deal includes $40 million in cash and additional cash for the company’s debtor-in-possession facility, as well as assumed first-lien debt. Paper Source filed for bankruptcy in March 2021 and had 158 stores at the time of filing. 2021 Major US Store Closures and Openings [caption id="attachment_127207" 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 Tapestry, 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. Tapestry includes Coach, Kate Spade and Stuart Weitzman stores. 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 three store closures and so are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_127208" 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 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=941]
Source: Company reports/Coresight Research
This week, we saw updates from Aritzia and Tapestry, which changed our 2020 closures and openings counts to 9,388 and 3,376, respectively. [caption id="attachment_127210" 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 18 store closures and so are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_127211" 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, 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=942]
N/A – Not Available *Belk emerged from bankruptcy in February 2021 Source: Company reports/Coresight Research
2020 Major US Retail Bankruptcies [wpdatatable id=943]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 Bobby’s, Majestic Wines, Moss Bros., Poundstretcher and Shoeaholics. In light of these updates, our 2021 UK openings and closure counts increased to 472 and 1,237, 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 19 of 2021, ended May 14, 2021, to closures and openings tracked up to week 20 of 2020, ended May 15, 2020. Year to date in 2021, major UK retailers have announced 18.3% more openings and 13.1% fewer closures compared to the same time last year. 2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=212] 2020 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=213]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 To Open Two Stores Wine retailer Majestic Wines plans to open two stores, one each in Oxford and Knutsford, in the coming months. The retailer operates 201 stores as of May 14, 2021. Moss Bros. Closes 28 Stores Menswear retailer Moss Bros. closed 28 stores in 2021 as part of its Company Voluntary Arrangement (CVA). The CVA was proposed in November 2020 to reduce rents across its store portfolio and was approved by its creditors in December 2020. The company operates 100 stores as of May 17, 2021, indicating that it closed 28 stores in 2021. Poundstretcher Opens Six Stores Discount retailer Poundstretcher has opened six stores so far in 2021. The company opened one store each in Bolton, Colchester, Kilmarnock and Hempstead in March and opened one store in Leicester on May 1, 2021, and one store in Evesham on May 10, 2021. The retailer operates 371 stores as of May 14, 2021. Shoeaholics Opens London Store Shoe retailer Shoeaholics has opened one store in Westfield London. The store spans 25,000 square feet and is the retailer’s largest store in the UK. The retailer operates eight stores as of May 14, 2021. Verve Properties To Open Bobby’s Department Stores Property developer Verve Properties plans to open one Bobby’s department store in a former Debenhams site in Bournemouth. The Debenhams store closed on May 12 and Verve Properties is set to open the new Bobby’s store by mid-July 2021. This is the first Bobby’s branded department store after the banner was converted to Debenhams in 1972.Non-Store-Closure News
JD Sports Acquires Oi Polloi Sports retailer JD Sports has acquired Manchester-based apparel retailer Oi Polloi. The acquisition includes Oi Polloi’s Northern Quarter store in Manchester and online assets. Oi Polloi’s Executive Chairman Peter Cowgill has been appointed as a company director. [caption id="attachment_127214" 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_127215" 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=946]
Source: Company reports/Coresight Research
[caption id="attachment_127217" 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 seven store openings and so are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_127218" 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. Figures represent retail closures (i.e., B2C), so closures by solely B2B companies are excluded.