DIpil Das
The US
2021 Major US Store Closures and Openings This week, we discuss updates for 7-Eleven, Buc-ee’s, Hobby Lobby, Love’s Travel Stops, Lowe’s and United Supermarkets. In light of these updates, our 2021 US closures and openings counts stand at 4,619 and 4,372, 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 26 of 2021, ended July 2, 2021, to closures and openings tracked up to week 27 of 2020, ended July 3, 2020. Year to date in 2021, major retailers have announced 43.2% more openings and 9.9% fewer closures compared to the same period in 2020.2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=242]
2020 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=243]
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
7-Eleven Acquires Speedway Convenience store chain 7-Eleven has acquired gas station chain Speedway for $21 billion. The acquisition includes 3,800 Speedway stores and requires 7-Eleven to close 293 stores to comply with antitrust regulations. The acquired stores continue to operate under the Speedway brand and 7-Eleven has not commented on rebranding the stores. The acquisition takes 7-Eleven’s store count in North America to over 14,000 stores. Buc-ee’s Opens Eight Stores Convenience store chain Buc-ee’s reported that it has opened eight stores in year-to-date 2021, each spanning 50,000–55,000 square feet. The company operates 52 stores as of July 2, 2021. Hobby Lobby To Open One Store Arts and crafts retailer Hobby Lobby announced plans to open a store in Hillard, Ohio. The new store will measure 55,000 square feet and will take the company’s store count to 950. Love’s Travel Stops To Open 50 Stores Gas and convenience store chain Love’s Travel Stops opened 38 stores in 2020 and plans to open 50 stores in 2021. The openings will take company’s store count to 590 stores. Lowe’s Opens One Store Home-improvement retailer Lowe’s opened a store in Holly Springs, North Carolina. The store spans 27,000 square feet and takes the company’s store count to 1,973 stores. United Supermarkets Opens One Store Supermarket chain United Supermarkets has opened a store in Lubbock, Texas. The store is the company’s 12th in the city and 97th overall.Non-Store-Closure News
Hudson’s Bay Company Hires New Chief Technology Officer HBC, parent company of department store chains Hudson's Bay and Saks Fifth Avenue, has promoted Scott Ross to Chief Technology Officer (CTO) effective August 1, 2021. Ross will replace Stephen Gold, who will retire on August 1, 2021, after serving as CTO since May 2018. Ross joined Hudson’s Bay Company as Senior Vice President of Omnichannel in January 2019. 2021 Major US Store Closures and Openings [caption id="attachment_129357" 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, 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 that its outlets would commonly be perceived as retail stores. *Total includes a small number of retailers that each announced fewer than eight store closures and so are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_129358" 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 10 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=1070 table_view=regular]
Source: Company reports/Coresight Research This week, we saw updates from Love’s Travel Stops, which changed our 2020 opening count to 3,369. [caption id="attachment_129359" 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 19 store closures and so are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_129360" 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 seven store openings and are not included in the chart.
Source: Company reports/Coresight Research [/caption] 2021 Major US Retail Bankruptcies [wpdatatable id=1050]
N/A – Not Available *Belk emerged from bankruptcy in February 2021 **The Collected Group emerged from bankruptcy in June 2021 Source: Company reports/Coresight Research
2020 Major US Retail Bankruptcies [wpdatatable id=1051]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.Z N/A – Not Available Source: Company reports/Coresight Research
The UK 2021 Major UK Store Closures and Openings This week, we discuss updates for Community Shop, Co-op, Hobbycraft, Poundstretcher, The Food Warehouse and Tommy Hilfiger. In light of theseupdates, our 2021 UK closures and openings count increased to 1,359 and 750, 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 26 of 2021, ended July 2, 2021, to closures and openings tracked up to week 27 of 2020, ended July 3, 2020. Year to date in 2021, major UK retailers have announced 73.6% more openings and 19.0% fewer closures compared to the same time last year.2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=244]
2020 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=245]
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
Community Shop Opens One Store Social supermarket chain Community Shop opened its seventh store, in Wirral on June 26, 2021. The chain offers heavily discounted food and products for its members. Membership is open to consumers who live locally and receive welfare support. Co-op To Close One Store Supermarket chain Co-op will close its store in Beccles Market Square, Suffolk, by the end of July. The company operates over 2,600 stores as of July 2, 2021. Gap To Close All Stores Apparel retailer Gap plans to close all of its 81 stores in the UK and Ireland. The company had stated in October 2020 that it was considering closing its stores and operating as an online-only business in the UK. The 81 store closures include 19 stores that the company had previously planned to close in July 2021. Hobbycraft To Open Two Stores Arts and crafts retailer Hobbycraft has announced plans to open two stores in July 2021. The stores will open in Belfast on July 20, 2021, and in Leicester on July 7, 2021. The openings will take the company’s store count to 10. The Food Warehouse Opens One Store Supermarket chain The Food Warehouse opened a store in Macclesfield on June 22, 2021. The company, which is owned by supermarket chain Iceland, operates 143 stores as of July 2, 2021. Tommy Hilfiger To Open One Store Apparel retailer Tommy Hilfiger plans to open a store in Drake Circus shopping center in Plymouth in late summer 2021. The opening will take the company store count to 39 in the UK.Non-Store-Closure News
Burberry CEO to Step Down Marco Gobbetti, CEO of luxury brand Burberry plans to step down from his role. Gobbetti joined Burberry as CEO in January 2017. The board is currently looking for a replacement; Gobbetti is set to retire at the end of 2021 to ensure a smooth transition. [caption id="attachment_129361" 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. Gap includes Republic of Ireland. Source: Company reports/Coresight Research [/caption] [caption id="attachment_129362" 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. Kurt Geiger includes Kurt Geiger and Carvela stores. *Total includes a small number of retailers that each announced fewer than two store openings and are not included in the chart.
Source: Company reports/Coresight Research [/caption] 2021 Major UK Uncharted Openings and Closures [wpdatatable id=1054]
Source: Company reports/Coresight Research
[caption id="attachment_129363" 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 the Topshop and Topman banner stores. 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_129364" align="aligncenter" width="724"]
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.