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The US
2021 Major US Store Closures and Openings This week, we discuss updates for Abercrombie & Fitch, American Eagle Outfitters, Bath & Body Works, Best Buy, Burlington Stores, CVS Health, Dollar Tree, Family Dollar, Foot Locker, Giant Food, Golf Galaxy, Guess?, Kohl’s, Macy’s and Williams-Sonoma. In light of these updates, our 2021 US closures and openings counts stand at 5,031 and 5,043, 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 47 of 2021, ended November 26, 2021, to closures and openings tracked up to week 48 of 2020, ended November 27, 2020. Year to date in 2021, major retailers have announced 55.6% more openings and 39.2% fewer closures compared to the same period in 2020. Year to date, openings are ahead of closures by 0.2%—compared to closures being ahead of openings by 155.4% at the same time last year.2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=339]
2020 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=340]
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
CVS Health To Close 900 Stores over Three Years Drugstore chain CVS Health plans to close 900 stores over a three-year period starting in 2022. CVS stated that the store reduction plans come after a review of changes in population, consumer buying patterns and future health needs. The company operates over 9,900 stores as of September 30, 2021. Giant Food To Open Two Stores Grocery store chain Giant Food plans to open two stores in Philadelphia, Pennsylvania, on December 3, and December 16, 2021. The stores will span 46,000 and 32,000 square feet. The openings will take the company’s store count to 166. Kohl’s Plans To Open Four Stores Department store chain Kohl’s plans to open four stores by the end of 2021. The stores will take the company’s store count to 1,166.Quarterly Store Openings/Closures Settlement
Abercrombie & Fitch Provides Store-Count Update Apparel retailer Abercrombie & Fitch opened two Abercrombie stores and one Hollister store and closed one Hollister store in the US in its third quarter, ended October 30, 2021. The update takes Abercrombie & Fitch and Hollister’s 2021 openings counts to six and nine, respectively, and Hollister’s 2021 closures count to 15. The company operates 181 Abercrombie & Fitch stores and 355 Hollister stores in the US as of October 30, 2021. American Eagle Outfitters Provides Store-Count Update Apparel retailer American Eagle Outfitters opened four American Eagle Outfitters stores and 25 Aerie stores in its third quarter, ended October 30, 2021. The openings for Aerie have been previously tracked and the update takes American Eagle Outfitters’ openings count to 16. The company operates 898 American Eagle Outfitters stores and 216 Aerie stores in the US as of October 30, 2021. Bath & Body Works Provides Store-Count Update Beauty and personal care retailer Bath & Body Works opened nine stores in the US in its third quarter, ended October 30, 2021. The update takes the company’s 2021 openings count to 52. The company operates 1,672 stores in the US as of October 30, 2021. Best Buy Provides Store-Count Update Electronics retailer Best Buy opened one store and closed nine in its third quarter, ended October 31, 2021. The closures have been previously tracked and the update takes the company’s 2021 openings count to three. The company operates 954 stores as of October 31, 2021. Burlington Stores Provides Store-Count Update Department store chain Burlington Stores has opened 84 stores and closed five so far in 2021. The company plans to close a further two stores by the end of the year and open a net 90 stores in 2022. We have revised our original counts of 94 store openings and 25 store closures, as they included relocations. The update will take the company’s store count to 838 at the end of calendar 2021. Dick’s Sporting Goods Provides Store-Count Update Sports apparel retailer Dick’s Sporting Goods opened three Dick’s Sporting Goods stores and six Golf Galaxy stores in its third quarter, ended October 30, 2021. The openings for Dick’s Sporting Goods have been previously tracked and the update takes Golf Galaxy’s 2021 openings count to seven. The company operates 734 Dick’s Sporting Goods stores and 132 Golf Galaxy stores as of October 30, 2021. Dollar Tree Provides Store-Count Update Discount retailer Dollar Tree opened 62 Dollar Tree stores and closed 11 and opened 63 Family Dollar stores and closed 12 in its third quarter, ended October 30, 2021. The openings have been previously tracked and the update takes Dollar Tree and Family Dollar’s 2021 closures counts to 39 and 56, respectively. The company operates 7,984 Dollar Tree stores and 7,982 Family Dollar stores as of October 30, 2021. Foot Locker Provides Store-Count Update Footwear retailer Foot Locker opened 11 Foot Locker stores, four Kids Foot Locker stores and six Champs stores, and closed nine Foot Locker stores, three Kids Foot Locker stores, three Lady Footlocker stores, three Champs stores and 50 Footaction stores in North America in its third quarter, ended October 30, 2021. The update takes the company’s 2021 openings and closures count to 32 and 177, respectively. We have revised our initial 2021 estimation of 109 store openings in North America to the year-to-date openings count of 32. The company operates 1,950 stores in North America as of October 30, 2021. Guess? Provides Store-Count Update Apparel retailer Guess? closed one store in its third quarter, ended October 30, 2021) The update takes the company’s 2021 openings counts count to seven. The company operates 243 stores in the US as of October 30, 2021. Macy’s Provides Store-Count Update Department store chain Macy’s opened four Macy’s stores and two Bloomingdale’s stores and closed two Bluemercury stores in its third quarter, ended October 30, 2021. The update takes the company’s 2021 openings and closures counts count to seven and two, respectively. We have revised our count of 45 stores closures in 2021 to two as we don’t expect the company to reach the target. The prior estimate was based on a three-year store reduction plan reiterated by the company in January 2021. The company operates 516 Macy’s stores, 56 Bloomingdale’s stores and 160 Bluemercury stores as of October 30, 2021. Williams-Sonoma Provides Store-Count Update Furniture and home-furnishings retailer Williams-Sonoma opened one store and closed five in the US in its third quarter, ended October 31, 2021. The update takes the company’s 2021 openings and closures count to nine and 23, respectively. The company operates 577 stores in the US as of October 31, 2021.Non-Store-Closure News
Authentic Brands Holds Off on IPO Apparel brand management company Authentic Brands has delayed its planned Initial Public Offering (IPO), as it plans to sell equity stakes in the company to private equity firms CVC Capital Partners and HPS Investment Partners. The deal is expected to close in December and will value the company at $12.7 billion. The company initially announced its intention to go public in July 2021 and has now indicated that it might not do so. 2021 Major US Store Closures and Openings [caption id="attachment_136863" 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 12 store closures and so are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_136864" 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 16 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=1485]
Source: Company reports/Coresight Research
[caption id="attachment_136865" 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 21 store closures and so are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_136866" 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, 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=1486]
N/A – Not Available *Belk emerged from bankruptcy in February 2021 **The Collected Group emerged from bankruptcy in June 2021 ***Global Brands Group began winding down its business in November 2021 Source: Company reports/Coresight Research
2020 Major US Retail Bankruptcies [wpdatatable id=1487]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. The company exited bankruptcy in December 2020. 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&M, BoConcept, The Fragrance Shop, Fraser Group, JD Sports, Lidl, One Below, River Island and Spar. In light of these updates, our 2021 UK closures and openings counts stand at 1,496 and 1,040, 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 47 of 2021, ended November 26, 2021, to closures and openings tracked up to week 48 of 2020, ended November 27, 2020. Year to date in 2021, major UK retailers have announced 94.8% more openings and 36.4% fewer closures compared to the same time last year.2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=341]
2020 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=342]
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&M To Open One Store and Close One Store Variety store chain B&M plans to open one store in Bedford on December 4, 2021. It plans to close its store in Dundas Shopping Centre in Middlesbrough on December 31, 2021. The company operates 705 stores as of November 26, 2021. BoConcept Opens One Store Furniture and home-furnishing retailer BoConcept opened one flagship store in Glasgow on November 18, 2021. The store spans 5,000 square feet and will take the company’s store count to 24. The Fragrance Shop Provides Store-Count Update Perfume retailer The Fragrance Shop has opened 16 stores year to date, with its latest opening in the Monks Cross Shopping Park in York on November 18, 2021. The openings take the company’s store count to 215. House of Fraser To Close Flagship Store Frasers Group, parent company of department store chain House of Fraser, plans to close its flagship store on Oxford Street, London, in January 2022. The closure will take the company’s House of Fraser store count to 42. Coresight Research insight: The closure means two of the four full-range department stores on Oxford Street will have closed—Debenhams and House of Fraser, with John Lewis and Selfridges remaining—hitting the appeal of this shopping destination. At the same time, M&S is planning to redevelop its Marble Arch flagship and reduce the space it takes in its new building (with more space for offices), reflecting a further diminishment of flagship retail on Oxford Street. The House of Fraser closure was enacted by the landlord, who is presumably confident of repurposing and releasing the space, although the substantial scale of closures across London’s West End means that there is already a glut of retail space available. JD Sports Opens Two Stores Sports apparel retailer JD Sports opened one store each in Belfast and North Swindon on November 20, 2021. The openings take the company’s store count to 396. Lidl Provides Store-Count Update Discount grocery retailer Lidl opened 55 stores year to date and will continue with its original store target of 1,000 UK stores by the end of 2023. The update takes our 2021 openings count estimate to 60. The company also plans to increase its UK store count to 1,100 by the end of 2025 from the 880 stores it operates as of November 26, 2021. One Below Provides Store-Count Update Discount retailer One Below opened 11 stores year to date, with the most recent opening in Leicester on November 17, 2021. The company operates 79 stores as of November 26, 2021. River Island Provides Store-Count Update Apparel retailer River Island has opened two stores and closed one year to date in 2021. The company operates 256 stores as of November 26, 2021. Spar Opens One Store Grocery retailer Spar opened one store in Darlington on November 19, 2021. The store spans 3,000 square feet. The company operates over 2,600 stores in the UK as of November 26, 2021.Non-Store-Closure News
Marks & Spencer Hires New Food Technical Director Marks & Spencer has hired Andy Clappen as Food Technical Director, effective January 2022. Clappen succeeds Paul Willgoss, who served in the role for 12 years and will leave the company at the end of its fiscal year. Clappen is currently serving as Corporate Technical Director of Food and General Merchandise at supermarket chain WM Morrisons. [caption id="attachment_136869" 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_136870" 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 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=1490]
Source: Company reports/Coresight Research
[caption id="attachment_136871" 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_136872" 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.