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The US
2021 Major US Store Closures and Openings This week, we discuss updates for Amazon, Bob Mills Furniture, Foot Locker, Hy-Vee, L Brands, Nordstrom and Ralph Lauren. In light of these updates, our 2021 US closures and openings counts stand at 4,452 and 4,161, 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 21 of 2021, ended May 28, 2021, to closures and openings tracked up to week 22 of 2020, ended June 1, 2020. Year to date in 2021, major retailers have announced 60.2% more openings and 22.1% more closures compared to the same period in 2020. 2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=218] 2020 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=219]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 Closes One Go Store Amazon has closed its Amazon Go store in Redmond, Washington. The company has moved the store’s employees to a nearby store in Bellevue. Amazon operates 21 Amazon Go stores in the US as of May 28, 2021. Bob Mills Furniture To Open One Store Furniture retailer Bob Mills Furniture plans to open one new store in Wichita, Kansas before November 2021. The store will span around 35,000 square feet and will take the company’s store count to 10. Hy-Vee Opens One New Store Supermarket chain Hy-Vee opened one new store in Spring Lake Park, Minnesota on May 25, 2021. The store spans 77,000 square feet and takes the company’s store count to 304. Scheels To Open Two Stores Sporting goods chain Scheels plans to open one store in Missoula, Montana and one in Chandler, Arizona. The new stores will open in the fall of 2021 and span around 22,000 square feet each. The openings will take the company’s store count to 31.Quarterly Store Openings/Closures Settlement
Foot Locker Provides Store Plans for 2021 Shoe retailer Foot Locker plans to open 160 stores and close 240 stores globally in its fiscal year ending early February 2022. We estimate that in the US in calendar 2021, 105 stores will open and 159 will close, taking the company’s 2021 openings and closures counts to 109 and 174, respectively. The company operates 2,045 stores in the US as of May 1, 2021. L Brands Provides Store Plans for 2021 Apparel retailer L Brands plans to open 51 Bath & Body Works stores and to close 20–40 Bath & Body Works stores, 28–48 Victoria’s Secret stores and two PINK stores in its fiscal year ending early February 2022. Of the announced openings and closures, we estimate the number to occur in calendar 2021 as follows: 47 Bath & Body Works store openings, 18 Bath & Body Works store closures, 26 Victoria’s Secret store closures and two PINK store closures. The company operates 1,649 Bath & Body Works stores, 698 Victoria’s Secret stores and 143 PINK stores as of May 1, 2021. Nordstrom Provides Store Count Update Apparel retailer Nordstrom closed a net one store in North America in its first quarter, ended May 1, 2021. The company operates 357 stores in North America as of May 1, 2021. Ralph Lauren Provides Store Count Update Apparel brand Ralph Lauren opened a net one store in North America in its fourth quarter, ended March 27, 2021. The company operates 233 stores in North America as of March 27, 2021.Non-Store-Closure News
Tuesday Morning Appoints Interim CFO Off-price retailer Tuesday Morning has appointed Marc Katz as its Interim CFO, during its search for a permanent replacement. Katz takes over from Stacie Shirley, who left the company in March this year. Katz most recently served as CFO at Burlington Stores from 2015 to September 2019. 2021 Major US Store Closures and Openings [caption id="attachment_127803" 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, Fossil Group, 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 four store closures and so are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_127804" 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 six 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=985]
Source: Company reports/Coresight Research
[caption id="attachment_127805" 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 19 store closures and so are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_127806" 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=986]
N/A – Not Available *Belk emerged from bankruptcy in February 2021 Source: Company reports/Coresight Research
2020 Major US Retail Bankruptcies [wpdatatable id=987]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 Farmfoods, Homebase, Marks & Spencer, The Range, Saltrock, Tesco and Victoria’s Secret. In light of these updates, our 2021 UK closures and openings counts increased to 1,269 and 644, 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 21 of 2021, ended May 28, 2021, to closures and openings tracked up to week 22 of 2020, ended June 1, 2020. Year to date in 2021, major UK retailers have announced 61.4% more openings and 11.2% fewer closures compared to the same time last year. 2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=220] 2020 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=221]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
Farmfoods Opens One Store Frozen food supermarket chain Farmfoods opened one store in Shiremoor in Tyne and Wear. The store has a sales area of over 15,000 square feet and is located in Northumberland Retail Park. The company operates 341 stores as of May 28, 2021. Homebase Opens One Store Home-improvement retailer Homebase has opened one new store in Cheltenham, Gloucestershire. The store is the company’s first new opening in six years and spans over 36,500 square feet. The company operates 147 stores in the UK as of May 28, 2021. Marks & Spencer Provides Store-Count Update Marks & Spencer closed 10 stores in the second half of its fiscal year ended April 3, 2021. Since March 2019, the retailer has closed 83 of the 110 stores that it plans to close by the end of March 2022. As part of store-restructuring plans, the company will close 65 full-line stores, open 35 and convert 45 full-line stores to food stores, although the timeline of these openings and closures is yet to be confirmed. The company plans to open 17 full-line stores over a two-year time period. The update takes our 2020 openings and closures to 13 and 18, respectively, and our 2021 openings and closures to seven and 25, respectively. The Range Opens One Store Home-improvement retailer The Range opened one new store in Leeds on May 28, 2021. The two-floor store is located in Kirkstall Bridge Shopping Park. The opening takes the company’s store count to 191. Saltrock To Open One Store Beachwear retailer Saltrock plans to open five stores in summer of 2021. The stores will open in Bournemouth, Exmouth and Worthing in England and Llandudno in Wales. The store openings will take the company’s store count to 42. Tesco Provides Store-Count Update Supermarket chain Tesco opened 29 stores and closed six in its fiscal year ended February 27, 2021. The company also opened an express store in Peckham on May 24, 2021. The update takes our 2020 store openings and closures counts to 36 and 14, respectively and our 2021 openings and closures counts to seven and one, respectively. The company operates 3,652 stores as of May 28, 2021. Victoria’s Secret To Open One Store Lingerie retailer Victoria’s Secret plans to open one store in the UK in 2021. The company operates 20 stores in the UK as of May 1, 2021.Non-Store-Closure News
Marks & Spencer Hires New Head of Visual Merchandising Marks & Spencer has hired Ben Witmann as Head of Visual Merchandising, effective August 2021. Witmann will be primarily responsible for store design and brand marketing. He is currently serving as Senior Director of Omnichannel Marketing and Visual Merchandising at Gap Europe. [caption id="attachment_127809" 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_127810" 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. Kurt Geiger includes Kurt Geiger and Carevela stores.Source: Company reports/Coresight Research[/caption] 2021 Major UK Uncharted Openings and Closures [wpdatatable id=990]
Source: Company reports/Coresight Research
This week, we saw updates from Marks & Spencer and Tesco, which changed our 2020 closures and openings counts to 2,677 and 479, respectively. [caption id="attachment_127811" 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_127812" 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.