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The US
2021 Major US Store Closures and Openings Year to date in 2021, US retailers have announced 1,678 closures and 1,826 openings for the full year. Our data represent closures and openings by calendar year, so these totals include announcements made in 2020 of closures and openings expected to fall in 2021. This week, we revised the closures count for Family Video, which has changed the US 2021 closure count to 1,678. The US 2021 openings count has increased to 1,826 following the addition of Amazon Fresh and IKEA store openings. The chart below depicts the week-by-week totals of announced US store closures and openings year-to-date in 2021. US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=148]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
Amazon To Open Two New Amazon Fresh Grocery Stores Amazon has announced that it will open two new Amazon Fresh grocery stores in the Seattle area. The first store, spanning approximately 25,000 square feet, will open at the corner of 23rd Avenue South and South Jackson Street in Seattle’s central district, and the second store will open in the Factoria neighborhood of Bellevue, Washington. The two stores are expected to create hundreds of new full- and part-time jobs. Bed Bath & Beyond To Close 43 Stores Home goods retailer Bed Bath & Beyond plans to close 43 stores by the end of February 2021. In July 2020, the retailer had announced plans to close about 200 stores by 2022. We have accounted for these closures previously in our 2021 closures chart. Family Video To Close All 250 Stores Video-rental chain Family Video has announced that it will close all 250 store locations across the US. The company will hold liquidation sales for inventory including movie DVDs, video games, CBD products and even the store fixtures. After running operations for more than four decades, the company took orders for movie rentals for the last time on January 6, 2021. Family Video’s rental model does not fall under the strict definition of retail, but we include it in our closures total and chart as it also sells certain products (DVDs and Blu-Ray discs of movies and games, CBD products and ladies’ and men’s accessories) and for comprehensiveness, given its outlets would commonly be perceived as retail stores. IKEA Unveils New Small Format Store IKEA opened its first new small-format store at Rego Center shopping mall in Queens, New York on January 11, 2021. The store offers thousands of products across 115,000 square feet, curated and designed to match the lifestyle of New Yorkers with a focus on small-space living solutions. Shoppers can buy portable furnishing items in-store, and larger items can be home delivered at a flat fee of $49 for anywhere in New York City. Loves Furniture Files for Bankruptcy in Chapter 11 Loves Furniture has filed for Chapter 11 bankruptcy amid several shipping issues and a dispute with a logistics provider. The retailer has entered into an agreement with Planned Furniture Promotions, a furniture sales events company, to sell excess inventory in order to cover the operating expenses. As per court filings, Loves Furniture has closed 20 stores in 2020 and plans to operate going forward with just 12 stores as of January 7, 2021.Non-Store-Closure News
Staples Makes $2.1 Billion Bid To Acquire Office Depot Office supplies retailer Staples has offered $2.1 billion in an all-cash deal to acquire ODP Corp., whose banners include Office Depot, OfficeMax and CompuCom. The offer price of $40-per-share for ODP Corp. represents a 60% premium over the last 90 trading days’ average closing price. 2021 Major US Store Closures and Openings [caption id="attachment_121778" align="aligncenter" width="700"]
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, Children’s Place, Express, Gap, GNC, Heritage Brands, JCPenney, H&M, Michael Kors, Office Depot, RTW Retailwinds and Vitamin Shoppe, among others. Estimates for Banana Republic, Bed Bath & Beyond, Build-A-Bear, Chico’s, Gap and Michael Kors 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_121779" align="aligncenter" width="700"]
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 and Old Navy openings pertain to North America openings.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=685]
Source: Company reports/Coresight Research
[caption id="attachment_121781" align="aligncenter" width="700"]
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_121782" align="aligncenter" width="700"]
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
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N/A – Not Available Source: Company reports/Coresight Research
2020 Major US Retail Bankruptcies [wpdatatable id=687]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 Year to date in 2021, UK retailers have announced 457 closures and 189 openings for the full year. Our data represent closures and openings by calendar year, so these totals include announcements made in 2020 of closures and openings expected to fall in 2021. This week, we revised the closures count for Debenhams and Jaeger, which has changed the 2021 UK closure count to 457. The Debenhams and Jaeger updates have also changed our 2020 UK closures total to 2,450. With no updates on store openings, the 2021 UK openings count remains unchanged from last week, at 189. The chart below depicts the week-by-week totals of UK store closures and openings year to date in 2021. UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=149]Source: Company reports/Coresight Research
What Is Happening This Week in the UK
Debenhams Plans To Close Six Stores Imminently; All Stores Eventually Department store chain Debenhams has announced that it plans to close six stores imminently, including its flagship store on Oxford Street in London. In December last year, Debenhams had confirmed plans to liquidate, and has been engaging with third parties to wind-down the business. Debenhams will also close its remaining 118 stores eventually, although there has not been any confirmation on the timelines yet. In our closures chart, we have charted 124 closures under the assumption that they will all close by the end of the year. Marks & Spencer Has Bought Jaeger Fashion retailer Marks & Spencer (M&S) has bought fashion brand Jaeger out of administration from its struggling owner Edinburgh Woolen Mill Group (see separate story on this company under non-store-closure news) for an undisclosed amount, but it is reportedly expected to be in the region of around £5 million ($6.9 million). Per the terms of the deal, M&S is set to buy only Jaeger’s intellectual property, while its remaining 63 stores are set to shut permanently, resulting in 244 redundancies. Coresight Research insight: The acquisition marks a step-change for M&S, which has hitherto been a private-label retailer in clothing. Richard Price, boss of M&S's clothing and home division, told media, “We have set out our plans to sell complementary third-party brands [in May 2020]… to accelerate our transformation and turbocharge online growth.” We see this as reflecting a broader shift in the European clothing market from private labels to brands—see this weekend’s Weinswig’s Weekly report for further discussion on, and examples of, this trend.Quarterly Store Openings/Closures Settlements
B&M Opens 18 New Stores Variety goods value retailer B&M has reported that it has opened 18 new stores and closed 16 stores in the UK in its third quarter ended December 26, 2020. The retailer had a total of 673 B&M stores in the UK as of December 26, 2020. We have already accounted for the openings previously in our charts. The store closure count has been updated in the UK 2020 closures chart.Non-Store-Closure News
Edinburgh Woollen Mill Brands Strikes Deal with International Investors Edinburgh Woollen Mill (EWM) Group, working with its administrators FRP Advisory, has struck a deal with international investors to save up to 2,500 jobs and 300 stores of Edinburgh Woollen Mill, Ponden Homes and Bonmarché banners. As part of the deal, the aforementioned three banners of EWM Group will be banded together into a company named Pure Play in exchange for their secured position. Investors have backed the existing management team led by Steve Simpson and are expected to inject cash into the businesses until stores reopen and resume trading. Oak Furnitureland Hires Mike Coupe as New Chairman Furniture retailer Oak Furnitureland has appointed Mike Coupe as its new chairman. Prior to this, Coupe led Sainsbury’s for six years as CEO. Oak Furnitureland currently has 75 physical stores across the UK, as well as an online presence. [caption id="attachment_121784" align="aligncenter" width="700"]
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 Argos, Jaeger, Marks & Spencer, Office, Sainsbury’s, Truworth and WHSmith. McColl’s includes convenience stores and newsagents.Source: Company reports/Coresight Research[/caption] [caption id="attachment_121785" align="aligncenter" width="700"]
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, Lidl, Screwfix and Planet Organic.Source: Company reports/Coresight Research[/caption] 2021 Major UK Uncharted Openings and Closures [wpdatatable id=689]
Source: Company reports/Coresight Research
[caption id="attachment_121786" align="aligncenter" width="700"]
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. Edinburgh Woollen Mill (EWM) Group closures mainly pertain to EWM and Peacock banners.*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_121787" align="aligncenter" width="700"]
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.