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The US
2021 Major US Store Closures and Openings Year to date in 2021, US retailers have announced 2,222 closures and 2,257 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, updates for Havertys Furniture, Sleep Number, The Giant Company, The RealReal and Ulta Beauty changed our 2021 US openings count to 2,257. Following the closures update from Fry’s Electronics and Havertys Furniture, the 2021 US closure count changed to 2,222. We have revised the 2020 US openings count to 3,334 with updates for Havertys Furniture, Sleep Number and Ulta Beauty. With closure updates for Havertys Furniture, Sleep Number and Sonos, we have updated the 2020 US closures count to 8,763. 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=166]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
Fry’s Electronics To Shut Down Business Along with All 31 Stores Consumer electronics retailer Fry's Electronics has announced the permanent closure of its business due to changes in the retail industry and the challenges posed by the Covid-19 pandemic. The retailer has shut down its online operations and will close all its 31 stores. The retailer ceased regular operations on February 24 and has initiated the wind-down process. Havertys Furniture To Open Three Stores in 2021 Furniture retailer Havertys Furniture has announced plans to open three new stores and close one store in fiscal year 2021. The company will open in one store in Myrtle Beach, South Carolina in February; the second store is set to open in The villages, Central Florida in the middle of the year; and details have not yet been revealed for the third store. The retailer confirmed that it closed one store in fiscal year 2020 with no new openings. We had earlier recorded three new openings in 2020, which we have revised in our US 2020 openings chart. The company operates 120 stores across the US, as of December 31, 2020. Sleep Number To Open 40 to 50 Stores in 2021 Mattresses and bedding retailer Sleep Number has announced plans to open 40 to 50 new stores in 2021. The company reported that it opened 30 new stores and closed 39 stores in fiscal year 2020, ended January 2, 2021. We previously recorded 20 openings and 29 closures for the year 2020. With this update, we have revised the store counts in our US 2020 openings and closures charts. The company operates 605 stores across the US, as of February 24, 2021. We have taken a conservative view of Sleep Number’s projection and charted 40 openings for the retailer in 2021. The Giant Company To Open Two Giant Stores in Philadelphia Supermarket chain The Giant Company will open two new Giant supermarket stores in Philadelphia in 2021, one in downtown Philadelphia as part of the Riverwalk project on March 13, and another in Philadelphia’s Castor Gardens neighborhood later in the year. The Riverwalk store, which will span around 65,000 square feet, is located on the second floor of a 25-floor residential tower. It will consist of a food hall and beer garden, and will contain a private elevator for residents of the block. With the opening of these two Giant supermarkets, the company will have a total of six locations in Philadelphia including the Grant Avenue Giant supermarket and three small-format Giant Heirloom Market supermarkets. The supermarket company operates nearly 190 stores in Maryland, Pennsylvania, Virginia and West Virginia under the banners Giant, Giant Heirloom Market and Martin’s. The RealReal To Open 10 New Stores On its fourth-quarter earnings call, luxury consignment reseller The RealReal announced plans to open 10 new neighborhood stores in 2021. The retailer has eight shoppable stores out of its 13 retail locations in the US, as of February 22, 2021. Ulta Beauty To Open One New Store in New York City Beauty retailer Ulta Beauty will open its second Manhattan store in Herald Square on February 26. This new store, which spans around 12,000 square feet, will be the third opening for the retailer in 2021. The retailer opened 31 new stores (revised from our earlier estimate of 32 in the 2020 chart below) and closed 19 stores in the calendar year 2020. The retailer operates 1,265 stores across the US as of February 24, 2021.Non-Store-Closure News
Belk Exits Bankruptcy Department store retailer Belk has exited bankruptcy one day after filing. The retailer filed for Chapter 11 bankruptcy on February 23 to reduce its debt burden and recapitalize the future business. Following a quick turnaround on court approval, which was issued on February 25, the retailer has secured $225 million in new capital, extended maturities to 2025 on its term loans and has shed $450 million in debt. The retailer will keep its 291 stores open and 17,000 jobs intact. Tractor Supply Company Acquires Orscheln Farm and Home for $297 million Tractor Supply Company has acquired Orscheln Farm and Home, including its 167 stores, for $297 million in an all-cash deal. The acquisition will support the expansion of Tractor Supply in the US Midwest, with its newly acquired stores located across 11 states: Arkansas, Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Nebraska, Ohio, Oklahoma and Texas. Read our flash report on this acquisition for more details. Solstice Marketing Concepts Files for Bankruptcy Specialty sunglasses retailer Solstice Marketing Concepts has filed for bankruptcy amid a sales decline of more than 50% in 2019. The retailer has hired Morgan, Lewis & Bockius LLP as its legal counsel, RCS Real Estate Advisors to advise on all store leases and KCP Advisory Group LLC’s Jacen Dinoff as the Chief Restructuring Officer. The retailer operates 66 stores and an e-commerce site. Adidas To Sell Reebok German sportswear company Adidas has confirmed plans to sell its Reebok business as part of its new five-year strategy, which is set to be fully unveiled on March 10. Adidas acquired Reebok in 2016 for $3.8 billion (£2.7 billion), and Reebok is now estimated to be worth approximately $1.2 billion (£864 million), according to Reuters. Reebok's potential buyers include China's Anta International, North Face owner VF Corp and Timberland, according to news outlet Retail Gazette. Estée Lauder To Acquire Majority Stake in DECIEM Estée Lauder Companies has acquired a majority stake in Deciem Beauty Group, a Canadian-based beauty brands manufacturer and retailer, for $1 billion. The deal will increase Estée Lauder’s stake in Deciem from 29% to 76%, and values the company at $2.2 billion. The beauty retailer has announced plans to acquire the remaining stake in Deciem within the next three years. 2021 Major US Store Closures and Openings [caption id="attachment_123808" 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_123787" align="aligncenter" width="720"]
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=768]
Source: Company reports/Coresight Research
[caption id="attachment_123788" align="aligncenter" width="720"]
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_123789" align="aligncenter" width="720"]
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=769]
N/A – Not Available Source: Company reports/Coresight Research
2020 Major US Retail Bankruptcies [wpdatatable id=770]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 1,060 closures and 220 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 our 2021 openings total to include 35 previously announced openings for Poundland, which has changed the count to 220. The 2021 UK closures count remains at 1,060, with no closure updates. 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=167]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
[caption id="attachment_123791" align="aligncenter" width="720"]
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_123792" align="aligncenter" width="720"]
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=772]
Source: Company reports/Coresight Research
[caption id="attachment_123793" align="aligncenter" width="720"]
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_123794" align="aligncenter" width="720"]
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.