Nitheesh NH
The US
2021 Major US Store Closures and Openings This week, we discuss updates for Best Buy, Buehler’s Fresh Foods, Dunham’s Sports, Ross Stores, Tapestry, Target, TJX Companies and Total Wine. In light of these updates, our 2021 US closures and openings counts stand at 4,748 and 4,616, 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 34 of 2021, ended August 27, 2021, to closures and openings tracked up to week 35 of 2020, ended August 28, 2020. Year to date in 2021, major retailers have announced 48.4% more openings and 37.0% fewer closures compared to the same period in 2020. Year to date, closures are only 2.9% ahead of openings, compared to 142.1% ahead at the same time last year.2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=276]
2020 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=277]
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
Buehler’s Fresh Foods To Open One Store Grocery retailer Buehler’s Fresh Foods plans to open a store in Galion, Ohio, in October 2021. The store will open in Galion West Shopping Center and will take the company’s store count to 14. Dunham’s Sports Opens One Store Sporting goods retailer Dunham’s Sports opened a store in Marquette, Michigan, on August 21, 2021. The opening takes the company’s store count to 240. Total Wine To Open Three Stores Wine and alcohol retailer Total Wine plans to open three stores in Detroit, Michigan, by the end of 2021. The openings will take the company’s store count to 221.Quarterly Store Openings/Closures Settlement
Best Buy Provides Store-Count Update Electronics and appliance retailer Best Buy opened two stores in its second quarter, ended July 31, 2021. The company also plans to close 30 stores in its fiscal year, ending early February 2022, of which we estimate 28 will fall in calendar 2021. The company operates 962 stores as of July 31, 2021. Ross Stores Provides Store-Count Update Discount apparel retailer Ross Stores updated its target openings for its fiscal year, ending early February 2022, to 65 from 60. The retailer opened 37 of these stores in its first two quarters, ended July 31, 2021; we estimate that 60 of the total 65 new stores will open in calendar 2021. Tapestry Provides Store-Count Update Luxury retailer Tapestry closed 34 stores and opened two in North America across its brands in year-to-date 2021. The company operates 612 stores across its brands in North America as of August 27, 2021. Target Provides Store-Count Update Mass merchandiser Target closed 12 stores in its second quarter, ended July 31, 2021. The company operates 1,909 stores as of July 31, 2021. TJX Companies Provides Store-Count Update Off-pricer TJX Companies closed two Marshalls stores in its second quarter, ended July 31, 2021. It opened a net one T.J. Maxx store and three HomeGoods stores in the quarter. We had already accounted for an estimated calendar-year opening total based on prior store-opening announcements The company operates 1,283 T.J. Maxx stores, 1,145 Marshalls stores, 846 HomeGoods stores, 52 Sierra stores and 39 Homesense stores in the US, as of July 31, 2021.Non-Store-Closure News
Dick’s Sporting Goods Hires New CFO Sports apparel retailer Dick’s Sporting Goods appointed Navdeep Gupta as CFO, effective October 1, 2021. Gupta succeeds Lee Belitsky, who has served as CFO since October 2016. Gupta joined the company in November 2017 as Senior Vice President and Chief Accounting Officer. Belitsky will remain with the company as Executive Vice President. 2021 Major US Store Closures and Openings [caption id="attachment_131898" 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 10 store closures and so are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_131899" 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=1213]
Source: Company reports/Coresight Research
This week saw updates from Fossil Group, which took our 2020 openings count to 3,452. [caption id="attachment_131900" 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_131901" 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, Fossil Group, 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=1214]
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=1215]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 B&Q, Hobbycraft, Iceland, Planet Organic, and Poundstrecher. In light of these updates, our 2021 UK closures and openings counts increased to 1,472 and 884, 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 34 of 2021, ended August 27, 2021, to closures and openings tracked up to week 35 of 2020, ended August 28, 2020. Year to date in 2021, major UK retailers have announced 104.2% more openings and 27.6% fewer closures compared to the same time last year.2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=278]
2020 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=279]
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
B&Q To Open Two Stores Home-improvement retailer B&Q opened a smaller-format store in London and plans to open a store in Frome by the end of 2021. The openings will take the company’s store count to 303. Hobbycraft To Open One Store Arts and crafts retailer Hobbycraft plans to open one store in Gloucestershire in September 2021. The opening will take the company’s 2021 opening count to five and overall store count to 108. Iceland To Close One Store Supermarket chain Iceland plans to close its store on Poole High Street on September 18, 2021. The closure will take the company’s store count to 941. Planet Organic To Open Three Stores Organic supermarket chain Planet Organic plans to open three stores in London by the end of 2021. The openings are part of the company’s plan to open 10 stores over five years. The openings will take the company’s store count to 15. Poundstrecher To Close One Store Discount retailer Poundstrecher plans to close a store in Wrexham in September 2021. The openings will take the company’s year-to-date closures to 33 and its store count to 360.Non-Store-Closure News
Lidl Appoints New GB CFO Discount grocery store chain Lidl announced that Dirk Kahl, CFO of its GB (Great Britain) division will transition to a new role at its parent company The Schwartz Group on October 1, 2021. Kahl has served as CFO in Britain since 2014. Marco Francesco Di Costanzo, currently serving at Lidl’s Hungarian division, will succeed Kahl on October 1, 2021. [caption id="attachment_131904" 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_131905" 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=1218]
Source: Company reports/Coresight Research
[caption id="attachment_131906" 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_131907" 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.