Nitheesh NH
The US
2021 Major US Store Closures and Openings This week, we discuss updates for Abercrombie & Fitch, Ace Hardware, Allbirds, Amazon, Big Lots, Dollar General, Dollar Tree, Hibbett Sports, Homeland, ShopRite, Ulta Beauty and Williams-Sonoma. In light of these updates, our 2021 US closures and openings counts stand at 4,844 and 4,799, 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 35 of 2021, ended September 3, 2021, to closures and openings tracked up to week 36 of 2020, ended September 4, 2020. Year to date in 2021, major retailers have announced 53.4% more openings and 36.2% fewer closures compared to the same period in 2020. Year to date, closures are only 0.9% ahead of openings—compared to 142.7% ahead at the same time last year.2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=282]
2020 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=283]
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
Allbirds Opens One Store Footwear retailer Allbirds opened one store in Atlanta, Georgia, on August 31, 2021. The store spans 3,000 square feet and takes the company’s store count to 18. Amazon Opens One Store Amazon opened one Amazon Fresh store in Chevy Chase, Maryland, on August 26, 2021. The store spans 33,000 square feet and takes the company’s 2021 opening count to 15 and overall Amazon Fresh store count to 19. Homeland Opens One Store Grocery retailer Homeland opened one store in Oklahoma City, Oklahoma, on August 31, 2021. The opening takes the company’s store count to 38. ShopRite To Close One Store Supermarket chain ShopRite plans to close one store in Tallman, New York, by the end of September 2021. The closure will take the company’s store count to 323.Quarterly Store Openings/Closures Settlement
Abercrombie & Fitch Provides Store-Count Update Apparel retailer Abercrombie & Fitch opened four Abercrombie & Fitch stores and closed nine, and opened six Hollister stores in the US in its second quarter, ended August 1, 2021). The update takes Abercrombie & Fitch’s 2021 openings and closures counts to four and 37, respectively, and Hollister’s openings count to eight. The company operates 179 Abercrombie & Fitch stores and 355 Hollister stores in the US. Ace Hardware Provides Store-Count Update Home-improvement retailer Ace Hardware has opened 103 US stores and closed 21 year to date. The company plans to open a total of 170 stores globally in 2021. We estimate that 145 of these stores will open in the US in calendar 2021. The company operates 4,729 stores in the US as of July 3, 2021. Big Lots Provide Store-Count Update Discount retailer Big Lots opened 12 stores and closed seven in its second quarter, ended July 31, 2021. The company plans to open 55 stores in total in its fiscal year, ending early February 2022. We estimate that 50 of these closures will fall in calendar 2021, which has been previously tracked. The company operates 1,418 stores as of July 31, 2021. Dollar General Provides Store-Count Update Discount retailer Dollar General opened 270 stores and closed 13 in its second quarter, ended July 30, 2021. The openings have been previously tracked and the update takes the company’s 2021 closures count to 31. The company operates 17,683 stores as of July 30, 2021. Dollar Tree Provides Store-Count Update Discount retailer Dollar Tree opened 87 Dollar Tree stores and closed 20, and opened 44 Family Dollar stores and closed 18 in its second quarter, ended July 31, 2021. The openings have been previously tracked and the update takes Dollar Tree and Family Dollar’s 2021 closures counts to 28 and 44, respectively. The company operates 7,934 Dollar Tree stores and 7,931 Family Dollar stores as of July 31, 2021. Hibbett Sports Provides Store-Count Update Athleisure retailer Hibbett Sports opened 11 stores and closed two in its second quarter, ended July 31, 2021. The update takes the company’s openings and closures counts to 20 and 11, respectively. The company operates 1,080 stores as of July 31, 2021. Ulta Beauty Provides Store-Count Update Beauty retailer Ulta Beauty opened seven stores and closed one in its second quarter, ended August 1, 2021. The openings have been previously tracked and the update takes the company’s closures count to three. The company operates 1,296 stores as of August 1, 2021. Williams-Sonoma Provides Store-Count Update Home and furniture retailer Williams-Sonoma opened six stores and closed two in the US in its second quarter, ended August 1, 2021. The update takes the company’s openings and closures counts to eight and 18, respectively. The company operates 581 stores in the US as of July 31, 2021.Non-Store-Closure News
Sequential Brands Files for Bankruptcy Apparel retail group Sequential Brands filed for bankruptcy on August 31, 2021. The bankruptcy follows a tough financial year in which the company’s revenue fell 12% to $89.8 million saw an operating loss of $45 million. The company’s debt stood at $450 million at the end of 2020 and it plans to sell its brands and most of its assets through auction during the bankruptcy process. The company sold its Ellen Tracy and Caribbean Joe brands for $20 million in August 2021. 2021 Major US Store Closures and Openings [caption id="attachment_132119" 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_132120" 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 15 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=1232]
Source: Company reports/Coresight Research
[caption id="attachment_132129" 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_132130" 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=1233]
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=1234]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 Asda, Benson For Beds, ProCook, The Range, Sofology and Tommy Hilfiger. In light of these updates, our 2021 UK openings counts increased to 892 and the closures count remains unchanged at 1,472. 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 35 of 2021, ended September 3, 2021, to closures and openings tracked up to week 36 of 2020, ended September 4, 2020. Year to date in 2021, major UK retailers have announced 95.2% 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=284]2020 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=285]
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
Asda To Convert 300 Gas Station Stores Supermarket chain Asda plans to convert 300 gas station stores owned by its parent company EG Group to its new “Asda on the Move” convenience store format, after a successful trial of five stores. EG Group finalized its acquisition of Asda in August 2021 after signing an agreement to purchase the retailer in October 2020. The company did not provide a timeline for the expected 300 conversions. The conversions have not been added to our openings chart. Asda operates 633 stores as of September 3, 2021. Benson For Beds Opens One Store Mattress and beds retailer Benson For Beds opened one store in the Colindale Retail Park in London on August 27, 2021. The store spans 8,300 square feet and takes the company’s store count to 173. ProCook Opens One Store Kitchenware retailer ProCook opened one store in Glasgow Fort shopping center in Glasgow on September 2, 2021. The store spans 2,800 square feet and takes the company’s store count to 53. The Range To Open One Store Home-improvement retailer The Range plans to open one new store in Yorkshire on October 29, 2021. The store opening is the company’s eighth in 2021 and will take the company’s store count to 197. Sofology Opens One Stores, Plan Further Opening Furniture store chain Sofology opened one store in Poole on August 28, 2021, and plans to open one store in Ipswich in September 2021. The September opening will take the company’s 2021 openings count to four and its store count to 53. Tommy Hilfiger Opens Six Stores in 2021 Apparel retailer Tommy Hilfiger has opened six stores year to date in 2021, most recently at the Midsummer Place shopping center in Milton Keynes on August 28, 2021. The openings take the company’s store count to 42 in the UK.Non-Store-Closure News
Watches of Switzerland Hires New CFO Luxury watches and jewelry retailer Watches of Switzerland has appointed Willian Floydd as CFO. Floydd will succeed Anders Romberg, who served as CFO for seven years. A fixed date for Floydd’s appointment has not been confirmed by the company and Romberg will continue to serve as CFO and on the Board of Directors throughout the transition period. Floydd most recently served as CFO of gaming and entertainment company The Rank Group. [caption id="attachment_132134" 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_132135" 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=1237]
Source: Company reports/Coresight Research
[caption id="attachment_132136" 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_132137" 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.