Nitheesh NH
The US
2021 Major US Store Closures and Openings This week, we discuss updates for Allsup’s, Ethan Allen, Farmers Home Furniture, Floor & Décor, Herman Miller, Hibbett Sports, Hudson, Lumber Liquidators, Office Depot and The RealReal. In light of these updates, our 2021 US closures and openings counts stand at 4,708 and 4,576, 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 32 of 2021, ended August 13, 2021, to closures and openings tracked up to week 33 of 2020, ended August 14, 2020. Year to date in 2021, major retailers have announced 48.1% more openings and 28.0% fewer closures compared to the same period in 2020.2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=268]
2020 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=269]
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
Allsup’s Opens One Store Convenience store chain Allsup’s opened one store in Slaton, Texas, on August 9, 2021. The store spans 5,500 square feet and takes the company’s store count to 305. Farmers Home Furniture Opens One Store Home-furnishings retailer Farmers Home Furniture opened one store in Gray, Georgia, on July 22, 2021. The opening takes the company’s store count to 100. Herman Miller To Open One Store Office furniture retailer Herman Miller plans to open one store in Dallas, Texas, in August 2021. The opening will take the company’s store count to 86. Hibbett Sports To Open One City Gear Store Athleisure retailer Hibbett Sports plans to open one City Gear store in Griffin, Georgia, on August 14, 2021. The opening will take the company’s store count to 1,076. Hudson Plans To Open Eight Stores Travel retailer Hudson plans to open eight Evolve concept stores in 2021. The stores will span an average of 2,500 square feet and include shop-in-shop spaces for local brands. The company operates over 1,000 stores in the US as of August 13, 2021.Quarterly Store Openings/Closures Settlement
Ethan Allen Provides Store-Count Update Home-furnishings retailer Ethan Allen closed three US stores in 2020. Year to date in 2021 the retailer has opened two US stores and closed three. The company operates 136 stores in the US as of August 13, 2021. Floor & Décor Provides Store-Count Update Home-furnishings retailer Floor & Décor opened seven stores in its second quarter, ended July 1, 2021, and plans to open 13 more by the end of the year. The update takes the company’s 2021 openings count to 27. The company operates 147 stores as of July 1, 2021. Lumber Liquidators Provides Store-Count Update Home-improvement retailer Lumber Liquidators opened four stores in its second quarter, ended June 30, 2021, and plans to open five more by the end of the year. The update takes the company’s 2021 openings count to 12. The company operates 416 stores as of June 30, 2021. Office Depot Provides Store-Count Update Office supplies retailer Office Depot closed 37 stores in its second quarter, ended June 27, 2021. The update takes the company’s 2021 closures count to 63. The company operates 1,091 stores as of June 27, 2021. The RealReal Provides Store-Count Update Apparel retailer The RealReal opened nine stores in its second quarter, ended June 30, 2021, and plans to open two more by the end of the year. The update takes the company’s 2021 openings count to 11. The company operates 17 stores as of June 30, 2021.Non-Store-Closure News
Albertsons Appoints New President and CFO Grocery store chain Albertsons has appointed Sharon McCollam as President and CFO, effective September 7, 2021. McCollam will succeed Bob Dimond, who is retiring from his role as Executive Vice President and CFO. 2021 Major US Store Closures and Openings [caption id="attachment_131272" 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 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_131273" 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 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 14 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 details on timing or location. [wpdatatable id=1189]
Source: Company reports/Coresight Research
This week saw updates from Ethan Allen, which took our 2020 closure count to 9,438. [caption id="attachment_131274" 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 19 store closures and so are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_131275" 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, 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 eight store openings and are not included in the chart.
Source: Company reports/Coresight Research[/caption] 2021 Major US Retail Bankruptcies [wpdatatable id=1190]
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=1191]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 Bensons for Beds, B&M, Company Shop, Hobbycraft, Holland & Barrett, ProCook, Russell & Bromley and Signet Jewelers. In light of these updates, our 2021 UK closures and openings counts increased to 1,468 and 865, 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 32 of 2021, ended August 13, 2021, to closures and openings tracked up to week 33 of 2020, ended August 14, 2020. Year to date in 2021, major UK retailers have announced 99.8% more openings and 27.1% fewer closures compared to the same time last year.2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=270]
2020 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=271]
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
Bensons for Beds Opens One Store Bed and mattress retailer Bensons for Beds opened one store in Glasgow on August 5, 2021. The update takes the company’s store count to 75. B&M Opens One Store Variety store chain B&M opened one store in South Shields, Newcastle, on August 6, 2021. The new store is located in a former Debenhams and takes the company’s 2021 openings count to 13 and its UK store count to 683. Company Shop To Open One Store Supermarket chain Company Shop plans to open one store in Southampton on August 18, 2021. The opening will take the company’s store count to 14. Hobbycraft To Open Two Stores Arts and crafts retailer Hobbycraft plans to open two stores in August 2021. The stores will open in Cirencester and Exeter and take the company’s store count to 12. Holland & Barrett Opens One Store Food and nutrition retailer Holland & Barrett opened one store in Peterborough on August 5, 2021. The store spans 1,300 square feet and takes the company’s store count to 234. ProCook Opens One Store Kitchenware retailer ProCook opened one store in White Rose Shopping Centre, Leeds, on August 5, 2021. The store spans 2,800 square feet and takes the company’s store count to 52. Russell & Bromley Closes One Store Shoe retailer Russell & Bromley closed its store in Chichester city center on August 10, 2021. The closure takes the company’s store count to 34. Signet Jewelers To Open Three Stores Jeweler Signet Jewelers plans to open three monobrand Bremont watch boutiques in the UK in 2021. The locations have not been disclosed by the company. The openings will take the company’s UK store count to 354.Non-Store-Closure News
Asda CEO Steps Down Roger Burnley, CEO of supermarket chain Asda, stepped down on August 6, 2021, following the company’s £6.8 billion ($9.4 billion) takeover by gas station and food outlet operator EG Group. Burnley had served as CEO since October 2017. The company stated that it is still looking for a successor. Frasers Group CEO To Step Down Mike Ashley, CEO of retail group Frasers Group, is reportedly set to step down from his role in the coming weeks. Ashley will transition to the role of Deputy Chairman and Michael Murray will take over as CEO. Ashley has served as CEO since 2016 and Murray is currently Head of Elevation at the company. [caption id="attachment_131278" 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 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_131279" 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, 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=1194]
Source: Company reports/Coresight Research
[caption id="attachment_131280" 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 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_131281" 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. Figures represent retail closures (i.e., B2C), so closures by solely B2B companies are excluded.