DIpil Das
The US
2021 Major US Store Closures and Openings Year to date in 2021, US retailers have announced 2,147 closures and 2,039 openings for the full year. Our data represent closures and openings by calendar year, so these totals include announcements made in 2020 of closures and openings expected to fall in 2021. This week, our updates for Bloomingdale’s, PGA TOUR Superstore, The Container Store and Tractor Supply Company changed the 2021 US openings count to 2,039. The 2021 US closure count changed to 2,147 with the closure updates for Toys“R”Us this week. The Petsense closures and openings count updates have revised our 2020 US closures to 8,745 and 2020 US openings to 3,303. The chart below depicts the week-by-week totals of announced US store closures and openings year-to-date in 2021.US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=160]
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
Bloomingdale’s To Open a New Small-Format Store Macy’s-owned Bloomingdale’s announced plans to open a new small-format store named Bloomie’s in the coming fall season at Mosaic District in Fairfax, Virginia. The new store concept, spanning around 22,000 square feet, aims to bring “the energy, discovery and fun of Bloomingdale’s into a smaller, highly edited and service-driven location.” Earlier in January, Macy’s also opened its second small-format Markets by Macy’s store in WestBend, Texas. As part of its long-term strategy, Macy’s continues to test several small-format, off-mall stores. PGA TOUR Superstore To Open Six Stores in 2021 Golf and tennis gear retailer PGA TOUR Superstore has announced plans to open six new stores in calendar year 2021 after reporting record comparable store sales growth in 2020. Out of the six stores, the first store has already opened in Natick, Massachusetts in January. With the addition of six new stores, PGA TOUR Superstore will have a total of 50 stores by the end of 2021. Toys“R”Us Closes Its Last Two Stores Toys retailer Toys“R”Us announced the permanent closure of its stores in Galleria Mall, Houston and Garden State plaza, New Jersey in January. Tru Kids and b8ta opened the two Toys“R”Us stores in November 2019 as a part of a small US comeback after the liquidation of Toys“R”Us in 2018. The toy retailer’s website will continue to be in operation. The Container Store To Open Two New Stores Specialty retailer The Container Store reported that it will open two new stores in the US by the end of 2021. The first store is planned to open by end of March 2021 in Richmond, Virginia, while the details of its second planned store have not yet been revealed. The retailer operates a total of 93 stores in the US as of its third quarter ended December 26, 2020. Tractor Supply Company To Open 90 New Stores in 2021 Tractor Supply Company has announced plans to open 80 new Tractor Supply stores and 10 new Petsense stores by the end of fiscal 2021. The retailer recently confirmed a total of 89 new store openings—80 for Tractor Supply and nine for Petsense—in its fiscal year 2020, ended December 26, 2020. We had earlier estimated 10 openings for Petsense in the same period, hence we have revised the figure in our US 2020 openings chart. In terms of store closures, the retailer reported a total of eight closures, one for Tractor Supply and seven for Petsense, in its fiscal 2020. We had previously reported closures of three Petsense stores in 2020, which has been revised to seven in our US 2020 store closure chart. The retailer operates a total of 2,105 stores, of which 1,923 are of Tractor Supply and 182 are of Petsense, as of its fiscal 2020.Non-Store-Closure News
Franchise Group Acquires Pet Supplies Plus for $700 Million Franchise Group, an operator of franchised and franchisable businesses, has acquired Pet Supplies Plus for approximately $700 million in an all-cash deal. Pet Supplies Plus operates 500 stores across the US, of which 60% are under a franchise model. The transaction is expected complete by March 2021 and will generate total annualized revenue of more than $3.6 billion, the total sum of both entities, for Franchise Group. 2021 Major US Store Closures and Openings [caption id="attachment_122838" 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, Gap and Michael Kors 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. 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 its outlets would commonly be perceived as retail stores. Source: Company reports/Coresight Research [/caption] [caption id="attachment_122839" 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 and Old Navy openings pertain to North America openings. 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 detail on timing or location. [wpdatatable id=743 table_view=regular]
Source: Company reports/Coresight Research [caption id="attachment_122840" 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 13 store closures and so are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_122841" 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, Athleta, Bed Bath & Beyond, Genesco, GNC, Michaels, Old Navy, Sephora, Tapestry, Under Armour and Urban Outfitters 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 six store openings and are not included in the chart.
Source: Company reports/Coresight Research [/caption] 2021 Major US Retail Bankruptcies [wpdatatable id=744 table_view=regular]
N/A – Not Available Source: Company reports/Coresight Research 2020 Major US Retail Bankruptcies [wpdatatable id=745 table_view=regular]
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 Year to date in 2021, UK retailers have announced 716 closures and 195 openings for the full year. Our data represent closures and openings by calendar year, so these totals include announcements made in 2020 of closures and openings expected to fall in 2021. This week, we updated the closure count for Arcadia Group, New Look and Paperchase, which has changed the 2021 UK closure count to 716. With openings update for Frasers Group, we have updated the 2021 UK openings count to 195. The chart below depicts the week-by-week totals of UK store closures and openings year to date in 2021.UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=161]
Source: Company reports/Coresight Research
What Is Happening This Week in the UK
Aldi To Open a New Store in Tameside Supermarket chain Aldi has announced plans to open a new store in Tameside, Manchester by the end of 2021. As part of its long-term expansion strategy, Aldi previously announced plans to have 1,200 stores in the UK by 2025. This will not be added to our opening counts chart for Aldi, as we have already accounted for 60 new Aldi stores for the calendar year 2021. ASOS Acquires HIIT, Miss Selfridge, Topman and Topshop for £330 million Online fashion retailer ASOS has acquired Arcadia Group brands including HIIT, Miss Selfridge, Topman and Topshop, as well as stock, for £330 million ($450 million) from the administrators. The deal will result in the permanent closure of 70 stores and job losses for 2,500 Arcadia employees. ASOS plans to launch the brands in an online-only format going forward. We have already reported the announcement of 31 store closures by Arcadia group, including all 21 Outfit stores and 10 other brand stores. Coresight Research insight: For £330 million, ASOS removes a handful of competitors from the market. Without the stores and amid ASOS’s vast range, the acquired brands risk losing their differentiation. For Topshop and Topman in particular—the stars of the Arcadia brand portfolio—ASOS will need to retain a distinctive brand and design identity and its retention of around 300 Arcadia employees across buying, design and retail partnerships suggests that it is prepared to do so. In its most recent published accounts for the year ended September 2018, Topshop reported revenues of £847 million (close to half of Arcadia’s £1.8 billion in revenue), with sales having fallen at a pace of 9% in that year. Frasers Group Acquires New Look’s Brighton Store Frasers Group has acquired fashion retailer New Look’s store in Brighton located on Western Road. In September 2020, creditors officially approved New look’s company voluntary arrangement (CVA) that proposed the conversion of 402 of its UK stores to turnover-based rental terms and for 68 stores to have zero rent for a period of three years. We have recorded one closure for New Look in the UK 2021 closures chart and one opening for Frasers Group. Paperchase To Close 37 Stores Stationary retailer Paperchase plans to permanently close 37 stores post securing a pre-pack deal with newly formed company, Aspen Phoenix Newco, which is backed by Permira Debt Managers. The rescue deal will result in the loss of 250 jobs out of the workforce of 1,250. Paperchase had a total of 127 stores prior to falling into administration.Non-Store-Closure News
Inc Retail Group Acquires Knomo London Bags and accessories retailer Knomo London has been acquired by Inc Retail Group, a new division of marketing and advertising agency Inc & Co, for an undisclosed amount. The acquisition of Knomo London kickstarts the entry of Inc & Co into the retail arena, with more acquisitions planned for the future. Knomo London currently operates two standalone stores in London. [caption id="attachment_122842" 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 other 10 stores that have not yet been disclosed. Source: Company reports/Coresight Research [/caption] [caption id="attachment_122843" 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, Screwfix and Planet Organic. Source: Company reports/Coresight Research [/caption] 2021 Major UK Uncharted Openings and Closures [wpdatatable id=746 table_view=regular]
Source: Company reports/Coresight Research [caption id="attachment_122844" 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 Topshop and Topman banner store. 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 six store openings and so are not included in the chart.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_122845" 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.