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The US
2021 Major US Store Closures and Openings This week, we discuss updates for Abercrombie & Fitch, American Eagle, Best Buy, Conn’s, Costco, Designer Brands, Dick’s Sporting Goods, Dollar General, Dollar Tree, Gap, Guess?, Kirkland’s, Timothy Oulton and Williams-Sonoma. In light of these updates, our 2021 US closures and openings counts stand at 4,518 and 4,178, 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 22 of 2021, ended June 4, 2021, to closures and openings tracked up to week 23 of 2020, ended June 5, 2020. Year to date in 2021, major retailers have announced 37.6% more openings and 15.8% more closures compared to the same period in 2020. 2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=224] 2020 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=225]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
Conn’s Opens One Store Furniture retailer Conn’s has opened one store in Ocala, Florida. The store spans 34,000 square feet and takes the company’s store count to 152. Timothy Oulton To Open Flagship Store Luxury furniture retailer Timothy Oulton has announced plans to open one flagship store in New York this year. The store will span over 7,100 square feet and will be the company’s eighth store in the US.Quarterly Store Openings/Closures Settlement
Abercrombie & Fitch Provides Store-Count Update Apparel retailer Abercrombie & Fitch opened two Abercrombie stores and closed six Hollister stores in the US in its first quarter, ended May 1, 2021. The update takes the closures count for Hollister to 28 and openings count for Abercrombie to two. The company operates 184 Abercrombie stores and 349 Hollister stores in the US as of May 1, 2021. America Eagle Provides Store-Count Update Apparel retailer American Eagle closed four and opened 14 American Eagle stores, and closed one and opened nine Aerie stores, in its first quarter, ended May 1, 2021. We have already tracked the closures for American Eagle and openings for Aerie. The update takes the openings count for American Eagle to five and closures count for Aerie to one, respectively. The company operates 891 American Eagle stores and 357 Aerie Stores as of May 1, 2021. Best Buy Closes 10 Stores Electronics retailer Best Buy closed 10 stores in its first quarter, ended May 1, 2021. The update takes the company’s closures count to 12. The company operates 941 stores as of May 1, 2021. Costco To Open Six Stores Warehouse retailer Costco opened one US store in its third quarter, ended May 9, 2021, and plans to open five stores in the US in its fourth quarter, ending early September 2021. The company operates 559 stores in the US as of May 2, 2021. Designer Brands To Open Six Stores Apparel retailer Designer Brands plans to open six stores in its fiscal year ending early February 2022. We estimate that all of the store openings will fall within this calendar year, taking the company’s openings count to seven. The company operates 661 stores as of May 1, 2021. Dick’s Sporting Goods Provides Store-Count Update Sports apparel retailer Dick’s Sporting Goods opened seven stores and closed four, and opened 10 Golf Galaxy stores and closed seven, in 2020. The company has closed one Dick’s store and two Golf Galaxy stores year to date in 2021. The company operates 730 Dick’s stores and 125 Golf Galaxy stores as of May 1, 2021. Dollar General Provides Store-Count Update Discount retailer Dollar General opened 260 stores and closed 11 in its first quarter, ended April 30, 2021. We have already tracked the openings; the update takes the company’s closures count to 18. The company operates 17,426 stores as of April 30, 2021. Dollar Tree Provides Store-Count Update Discount retailer Dollar Tree has opened 65 Dollar Tree stores and closed three, and opened 41 Family Dollar Stores and closed 16 in its first quarter, ended May 1, 2021. The openings have been previously tracked and the update takes the closures counts for Dollar Tree and Family Dollar to 8 and 26, respectively. The company operates 7,867 Dollar Tree stores and 7,905 Family Dollar stores as of May 1, 2021. Gap Inc. Provides Store-Count Update Apparel retailer Gap Inc. closed two Old Navy stores, opened one Gap store and one Banana Republic store in North America in its first quarter ended May 1, 2021. The update takes the openings counts for Gap and Banana Republic to one each and the closures count for Old Navy to four. The company operates 1,242 Old Navy stores, 552 Gap stores and 469 Banana Republic stores in North America as of May 1, 2021. Guess? Closes Five Stores Apparel retailer Guess? closed a net five US stores in its first quarter, ended May 1, 2021. The update takes the company’s closures count for 2021 to six. The company operates 244 stores in the US as of May 1, 2021. Kirkland’s Opens Two Stores Furniture retailer Kirkland’s opened two stores and closed five in its first quarter, ended May 1, 2021. The closures have already been tracked. The company operates 370 stores as of May 1, 2021. Ollie’s Bargain Outlet Closes Two Stores Discount retailer Ollie’s Bargain Outlet opened 11 stores and closed two in its first quarter, ended May 1, 2021. The openings have already been tracked. The company operates 397 stores as of May 1, 2021. Williams-Sonoma Provides Store-Count Update Home-improvement retailer Williams-Sonoma closed five stores and opened two in its first quarter, ended May 2, 2021. The update takes the company’s openings and closures counts to two and 16, respectively. The company operates 578 stores as of May 2, 2021. Ulta Beauty Closes Two Stores Ulta Beauty opened 28 stores and closed two in its first quarter, ended May 1, 2021. We have already tracked the openings. The company operates 1,290 stores as of May 1, 2021.Non-Store-Closure News
Amazon CEO Jeff Bezos To Step Down Jeff Bezos, CEO of Amazon, will step down on July 5, 2021, and will transition to the role of Executive Chairman of the company. Amazon has appointed Andy Jassy as the company’s next CEO. Jassy currently runs Amazon Web Services and has served at Amazon for over 24 years. Gap Inc. Sells Janie and Jack Brand Gap Inc. has sold its children’s brand Janie and Jack to brand investment platform Go Global Retail for an undisclosed amount. The deal includes the sale of the brand’s e-commerce platform and 119 stores. The parent company said that it does not plan to close any stores as part of the acquisition. 2021 Major US Store Closures and Openings [caption id="attachment_128125" 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 seven store closures and so are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_128126" 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 seven 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=1006]
Source: Company reports/Coresight Research
This week, we saw updates from Dick’s Sporting Goods, which changed our 2020 closures and openings counts to 3,362 and 9,398 respectively. [caption id="attachment_128127" 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_128128" 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 seven store openings and are not included in the chart.
Source: Company reports/Coresight Research[/caption] 2021 Major US Retail Bankruptcies [wpdatatable id=1007]
N/A – Not Available *Belk emerged from bankruptcy in February 2021 Source: Company reports/Coresight Research
2020 Major US Retail Bankruptcies [wpdatatable id=1008]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 Flooring Superstore and Paul Smith. In light of these updates, our 2021 UK openings count increased to 670 and our closures count remains unchanged at 1,269. 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 22 of 2021, ended June 4, 2021, to closures and openings tracked up to week 23 of 2020, ended June 5, 2020. Year to date in 2021, major UK retailers have announced 66.3% more openings and 11.5% fewer closures compared to the same time last year. 2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=226] 2020 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=227]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
Flooring Superstore To Open 25 Stores Home-improvement retailer Flooring Superstore plans to open 25 stores in 2021 as part of a £1 million ($1.4 million) store expansion plan. The company has already opened seven stores since lockdown restrictions were eased on April 12, 2021. The company operates 32 stores as of June 4, 2021. Paul Smith Opens One Store Apparel brand Paul Smith opened one store in London on May 28, 2021. The store spans over 2,000 square feet and takes the company’s store count to 20.Non-Store-Closure News
Tempur Sealy To Acquire Dreams American bedding retailer Tempur Sealy plans to acquire UK-based mattress retailer Dreams for approximately £340 million ($480 million). The acquisition will not result in a change to the company’s executive team or any store closures. The deal is expected to close by the end of the third quarter of 2021. [caption id="attachment_128138" 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_128139" 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=1011]
Source: Company reports/Coresight Research
[caption id="attachment_128140" 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_128141" 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.