DIpil Das
The US
2021 Major US Store Closures and Openings This week, we discuss updates for Amazon, Daiso Japan, Fossil Group, Giant Food, Kmart, Sally Beauty, Tapestry, Trader Joe’s and Warby Parker. In light of these updates, our 2021 US closures and openings counts stand at 5,057 and 5,103, 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 46 of 2021, ended November 19, 2021, to closures and openings tracked up to week 47 of 2020, ended November 20, 2020. Year to date in 2021, major retailers have announced 59.2% more openings and 38.5% fewer closures compared to the same period in 2020. Year to date, openings are ahead of closures by 0.9%—compared to closures being ahead of openings by 156.5% at the same time last year.2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=335]
2020 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=336]
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
Amazon Opens One Store Amazon opened an Amazon Fresh store in Morton Grove, Illinois, on November 11, 2021. The store spans 35,000 square feet and takes the company’s 2021 openings count to 18 and overall Amazon Fresh store count to 22. Daiso Japan To Open One Store Japan-based variety store retailer Daiso Japan plans to open one store in Las Vegas, Nevada, by the end of 2021. The company operates 77 stores in the US as of November 19, 2021. Giant Food To Open Two Stores Grocery store chain Giant Food opened one store in Fort Washington, Maryland, on November 16, 2021, and plans to open one store in Manassas, Virginia, by the end of 2021. The newly opened store spans over 43,000 square feet and the upcoming store will span 60,000 square feet. The openings will take the company’s store count to 164. Kmart To Close 10 Stores Department store chain Kmart plans to close 10 stores by the end of the 2021. The closures will take the company’s 2021 closures count to 29 and the company’s store count to six. Trader Joe’s Opens One Store Grocery store chain Trader Joe’s opened one store in Coral Gables, Florida, on October 29, 2021. The store opening takes the company’s store count to 535.Quarterly Store Openings/Closures Settlement
Fossil Group Provides Store-Count Update Watch retailer Fossil Group closed three stores in its third quarter, ended October 2, 2021. The update takes the company’s 2021 closures count to 22. The company operates 163 stores in the US as of October 2, 2021. Tapestry Provides Store-Count Update Luxury retailer Tapestry closed two Coach stores, one Kate Spade store and four Stuart Weitzman stores and opened three Coach stores in North America in its first quarter, ended October 2, 2021. The update takes Tapestry’s 2021 closures and openings counts to 41 and five, respectively. The company operates 608 stores in North America as of October 2, 2021. Sally Beauty Provides Store-Count Update Beauty retailer Sally Beauty has closed net 90 stores so far in 2021. The company operates 3,547 stores as of September 30, 2021. Warby Parker Provides Store-Count Update Eyewear retailer Warby Parker opened 13 stores in 2020 and has opened 26 stores so far in 2021. The company operates 157 stores as of November 5, 2021.Non-Store-Closure News
Casper Sleep To Be Acquired and Taken Private Mattress retailer Casper Sleep is set to be acquired by private equity firm Durational Capital Management for $286 million. The deal is set to complete in the first quarter of 2022. The company also announced that CEO Philip Krim has stepped down, succeeded by President and Chief Commercial Officer Emilie Arel as of November 15, 2021. 2021 Major US Store Closures and Openings [caption id="attachment_136423" 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 12 store closures and so are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_136424" 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 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=1435]
Source: Company reports/Coresight Research
This week saw an update for Warby Parker, which changed the 2020 US openings count to 3,697. [caption id="attachment_136425" 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 21 store closures and so are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_136426" 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, 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=1436]
N/A – Not Available *Belk emerged from bankruptcy in February 2021 **The Collected Group emerged from bankruptcy in June 2021 ***Global Brands Group begins to wind down its business in November 2021. Source: Company reports/Coresight Research
2020 Major US Retail Bankruptcies [wpdatatable id=1437]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 Amazon, The Food Warehouse, Shoe Zone and Yours Clothing. In light of these updates, our 2021 UK closures and openings counts stand at 1,494 and 1,013, 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 46 of 2021, ended November 19, 2021, to closures and openings tracked up to week 47 of 2020, ended November 20, 2020. Year to date in 2021, major UK retailers have announced 89.7% more openings and 36.5% fewer closures compared to the same time last year.2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=337]
2020 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=338]
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
Amazon Opens One Store, Two More Scheduled for 2021 Amazon opened an Amazon 4-star store in the Westfield shopping center in London on November 10, and plans to open two Amazon Fresh stores in London by the end of 2021. The store openings will take the company’s UK store openings count to 11 in 2021. Announced this week, Amazon is reportedly planning to open a further 260 Amazon Fresh stores in the UK by the end of 2024, with a target of 60 openings in 2022 and 100 in 2023 and 2024 (based on internal documents prepared in 2020). Coresight Research insight: Based on Amazon’s store openings in 2021, we are skeptical that this 260-store target will be met by the end of 2024: In 2020, Amazon was reportedly also aiming for 25 Fresh store openings in 2021, but it has so far opened (or announced plans to open) only nine such stores. Should Amazon Fresh continue to focus on urban convenience formats in the UK, it will be entering a well-supplied market: Major, established grocery retailers have focused aggressively on convenience formats over the past decade. If Amazon can reach 260 UK stores and turn over an average of around £3 million ($4 million) per store, we estimate that this would give Amazon a total share of 0.4% of projected UK food retailers’ sales in 2025—a tiny share but a starting point in the biggest retail sector, grocery. See this weekend’s Weinswig’s Weekly for further discussion on this subject. The Food Warehouse Opens One Store Supermarket chain The Food Warehouse, owned by supermarket chain Iceland, opened one store in St Peter’s Retail Park in Mansfield on November 16, 2021. The opening will take the company’s store count to 152. Shoe Zone To Open One Store Footwear retailer Shoe Zone plans to open one store in Pavilion Shopping Centre in Kent on November 26, 2021. The store opening will take the company’s store count to 406. Yours Clothing To Close One Store Apparel retailer Yours Clothing plans to close its store in Felixstowe on November 27, 2021. The closure will take the company’s store count to 66.Non-Store-Closure News
ISawItFirst Appoints New CEO Online apparel retailer ISawItFirst has promoted Greg Pateras to CEO, effective November 16, 2021. Pateras has taken over from Founder Jalal Kamani, as he transitions to Chairman of the company. Pateras joined the company in August 2021 as Executive Director. [caption id="attachment_136427" 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_136428" 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 three store openings and are not included in the chart.
Source: Company reports/Coresight Research [/caption] 2021 Major UK Uncharted Openings and Closures [wpdatatable id=1440]
Source: Company reports/Coresight Research
[caption id="attachment_136429" 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_136430" 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 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.