DIpil Das
The US
2022 Major US Store Closures and Openings This week, we discuss updates for 2nd & Charles, Abercrombie & Fitch, American Eagle Outfitters, Barnes & Noble, Best Buy, Big Lots, BJ’s Wholesale Club, Burlington Stores, Dick’s Sporting Goods, Dollar Tree, Fabletics, Gap, Grocery Outlet Holding, Hibbett Sports, Kohl’s, Ross Stores, Summer Classics and Target. In light of these updates, our 2022 US closures and openings counts stand at 1,199 and 3,467, respectively. The charts below depict the week-by-week totals of US store closures and openings year to date in 2022 and 2021. For year-over-year comparisons, we are comparing closures and openings up to week 10 of 2022 and 2021, ended March 11, 2022, and March 12, 2021, respectively. Year to date in 2022, major US retailers have announced 11.4% more openings and 52.0% fewer closures compared to the same time last year.2022 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=399]
2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=400]
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
2nd & Charles To Open One Store Hobby retailer 2nd & Charles plans to open one store in Tuscaloosa, Alabama, by the end of March 2022. The opening will take the company’s store count to 45. Barnes & Noble Opens One Store Book retailer Barnes & Noble opened one store in Stonebridge shopping center in Richmond, Virginia, on March 7, 2022. The company operates more than 600 stores as of March 11, 2022. Summer Classics Home To Open Two Stores Furniture retailer Summer Classics Home plans to open one store in San Antonio and one in Dallas, Texas, by the end of March 2022. The opening will take the company’s store count to 21.Quarterly Store Openings/Closures Settlement
Abercrombie & Fitch Provides Store-Count Update Apparel retailer Abercrombie & Fitch opened seven Abercrombie & Fitch stores and closed 43 and opened 10 Hollister stores and closed 18 in the US in 2021. It has closed three Abercrombie & Fitch stores and two Hollister stores year to date in the US in 2022. In addition, the company plans to open 50 stores and close 30 globally in fiscal 2022, ending early February 2023—based on the banners’ current geographical distribution of stores, we estimate that the company will open 11 Abercrombie & Fitch stores and close six and open 22 Hollister stores and close 14 in the US in 2022. The update takes the 2022 Abercrombie & Fitch estimated openings and closures counts to 11 and nine, respectively, and the 2022 Hollister estimated openings and closure counts to 22 and 16, respectively. The company operates 173 Abercrombie & Fitch stores and 351 Hollister stores in the US as of January 30, 2022. American Eagle Outfitters Provides Store-Count Update Apparel company American Eagle Outfitters opened 22 American Eagle stores and closed 59 and opened 67 Aerie stores and closed one in the US in 2021. It has opened three American Eagle stores and closed nine and opened 10 Aerie stores year to date in the US in 2022. The company operates 880 American Eagle stores and 244 Aerie stores in the US as of January 30, 2022. Best Buy Provides Store-Count Update Electronics retailer Best Buy closed 21 stores in 2021. The company operates 954 stores as of January 30, 2022. Big Lots Provides Store-Count Update Discount retailer Big Lots opened 36 stores and closed 25 in 2021 and opened five stores in 2022. The company also plans to open 70 stores in its fiscal year ending early February 2023, 64 of which we estimate will open in calendar 2022 (in addition to the five already opened). The company operates 1,431 stores as of January 30, 2022. BJ’s Wholesale Provides Store-Count Update Warehouse outlet BJ’s Wholesale Club plans to open four stores by the end of 2022. The store openings will take the company’s store count to 230. Burlington Stores Provides Store-Count Update Off-price retailer Burlington Stores opened 81 stores and closed five in 2021 and has opened three stores year to date in 2022. The company also plans to open 120 stores and to close 30 in its fiscal year ending early February 2023—we estimate that 110 stores will open and 27 stores will close in calendar 2022. The company operates 840 stores as of January 30, 2022. Dick’s Sporting Goods Provides Store-Count Update Sporting goods retailer Dick’s Sporting Goods opened six Dick’s stores and closed four and opened eight Golf Galaxy stores and closed three in 2021 and closed one Dick’s store in 2022. The company also plans to open four Dick’s stores and six Golf Galaxy stores by the end of 2022. The company operates 730 Dick’s stores and 131 Golf Galaxy stores as of January 30, 2022. Dollar Tree Provides Store-Count Update Discount retailer Dollar Tree opened 305 Dollar Tree stores and closed 54 and opened 204 Family Dollar stores and closed 85 in 2021. The company has opened 32 Dollar Tree stores and closed seven, and opened 26 Family Dollar stores and closed 14 year to date in 2022. The company plans to open 190 Dollar Tree stores and 400 Family Dollar stores in its fiscal year ending early February 2023. The update takes the 2022 Dollar Tree and Family Dollar opening counts to 206 and 393, respectively. The company operates 8,061 Dollar Tree stores and 8,016 Family Dollar stores as of January 30, 2022. Fabletics Provides Store-Count Update Fitness brand Fabletics plans to open 30 stores by the end of 2022. The company operates 74 stores in the US as of March 11, 2022. Gap Provides Store-Count Update Apparel retailer Gap opened 36 Old Navy stores and closed 12, opened two Gap stores and closed 42, opened two Banana Republic stores and closed 28, and opened 27 Athleta stores and closed two in North America in 2021. The company plans to open 29 Old Navy stores and close two, close 39 Gap stores, close 38 Banana Republic stores and open 31 Athleta stores in North America by the end of 2022. The company operates 1,252 Old Navy stores, 520 Gap stores, 446 Banana Republic stores and 227 Athleta stores in North America as of January 30, 2022. Grocery Outlet Provides Store-Count Update Grocery retailer Grocery Outlet opened 36 stores and closed one in 2021. The company plans to open 29 stores and close one by the end of 2022. The company operates 415 stores as of January 1, 2022. Hibbett Sports Provides Store-Count Update Sporting goods retailer Hibbett Sports opened 35 stores and closed 13 in 2021 and has opened four stores and closed one year to date in 2022. The company operates 1,096 stores as of January 30, 2022. Kohl’s Provides Store-Count Update Department store chain Kohl’s plans to open 100 smaller-format stores over four years, 25 of which we estimate will fall in calendar 2022. The company operates 1,165 stores in the US as of January 30, 2022. Ross Stores Provides Store-Count Update Off-price retailer Ross Stores opened 64 stores in 2021 and has opened five stores year to date in 2022. The company plans to open an additional 100 stores in fiscal 2022 (ending early February 2023), 92 of which we expect to fall in calendar 2022. The company operates 1,956 stores as of January 30, 2022. Target Provides Store-Count Update Mass merchandiser Target plans to open 30 mid-size and small-format stores by the end of 2022. The company operates 1,926 stores as of January 30, 2022.Non-Store-Closure News
Purple Hires CEO Mattress retailer Purple has appointed Robert DeMartini as its CEO, effective immediately. DeMartini served as interim CEO since December 2021 after the company’s former CEO, Joseph Megibow, stepped down. DeMartini served as CEO of New Balance before joining Purple. 2022 Major US Store Closures and Openings [caption id="attachment_143050" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. *Estimated store closures
**Total includes a small number of retailers that each announced fewer than two store openings and are not included in the chart
†Figures pertain to North America closures
Source: Company reports/Coresight Research [/caption] [caption id="attachment_143051" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. *Estimated store openings
**Total includes a small number of retailers that each announced fewer than five store openings and are not included in the chart
†Figures pertain to North America closures
TJX Companies includes Marmaxx (T.J. Maxx and Marshalls), HomeGoods, Sierra, and Homesense stores
Source: Company reports/Coresight Research [/caption] 2022 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=1761]
Source: Company reports/Coresight Research This week saw updates for Abercrombie & Fitch, American Eagle Outfitters, Best Buy, Big Lots, BJ’s Wholesale Club, Burlington Stores, Dick’s Sporting Goods, Dollar Tree, Gap, Grocery Outlet Holding, Hibbett Sports and Ross Stores, which take the 2021 closures and openings counts to 5,170 and 4,910, respectively. 2021 Major US Store Closures and Openings [caption id="attachment_143052" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. *Estimated store closures
**Total includes a small number of retailers that each announced fewer than 15 store closures and are not included in the chart
†Figures pertain to North America closures
Macy’s includes Macy’s, Bluemercury 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.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_143053" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. *Estimated store openings
**Total includes a small number of retailers that each announced fewer than 16 store openings and are not included in the chart
†Figures pertain to North America closures
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.
Source: Company reports/Coresight Research [/caption] 2022 Major US Retail Bankruptcies We have not tracked any major retail bankruptcies so far in 2022. 2021 Major US Retail Bankruptcies [wpdatatable id=1736]
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
The UK
2022 Major UK Store Closures and Openings This week, we discuss updates for Amazon, Card Factory, Charles Clinkard, Flannels, Dreams, Flying Tiger Copenhagen, Hamleys, JD Sports, Klass, Mere and Next. In light of these updates, our 2022 UK closures and openings counts stand at 340 and 395, respectively. The charts below depict the week-by-week totals of UK store closures and openings year to date in 2022 and 2021. For year-over-year comparisons, we are comparing closures and openings up to week 10 of 2022 and 2021, ended March 11, 2022, and March 12, 2021, respectively. Year to date in 2022, major UK retailers have announced 89.7% more openings and 68.2% fewer closures compared to the same time last year.2022 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=401]
2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=402]
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 Amazon opened one Amazon Fresh store in Southwark, London, on March 2, 2022. The opening takes the company’s Amazon Fresh store count to 16. Card Factory Opens One Store Greeting card and gift retailer Card Factory opened one store in St. Helens on March 3, 2022. The company operates over 1,000 stores as of March 11, 2022. Charles Clinkard Opens One Store Footwear retailer Charles Clinkard opened one store in Nottingham on March 2, 2022. The opening will take the company’s store count to 45. Flannels Opens One Store Apparel retailer Flannels opened one store in Preston on March 8, 2022. The opening takes the company’s store count to 55. Dreams Opens One Store Bed and mattress retailer Dreams opened one store in Wednesbury on March 7, 2022. The company operates over 200 stores as of March 11, 2022. Flying Tiger Copenhagen To Open One Store General merchandise store Flying Tiger Copenhagen plans to open one store in Manchester in Autumn 2022. The opening will take the company’s store count in the UK to 87. Hamleys Closes One Store Toy retailer Hamleys closed one store in Merry Hill shopping center in Brierly Hill on February 5, 2022. The closure takes the company’s store count to 29 stores. JD Sports Opens One Store Sportswear retailer JD Sports opened one store in Handforth Dean Retail Park in Handforth on March 5, 2022. The company operates 395 stores in the UK as of March 11, 2022. Klass Opens One Store Apparel retailer Klass opened one store in Clacton-on-Sea on March 8, 2022. The company operates over 150 stores as of March 11, 2022. Mere To Halt Store Expansion Plans Russia-based discount supermarket chain Mere plans to halt its store expansion plans of opening 300 stores in eight years, citing the current “political situation” and will exit the UK entirely. The retailer opened three stores in 2021, in Preston, Castleford and Caldicot, which are set to close by the end of 2022. Based on Mere’s earlier-stated multiyear expansion plan, we had previously estimated 38 UK openings in calendar 2022; we have now removed these from our openings total. Next To Close One Store Apparel retailer Next plans to close its store in the County Square shopping center in Ashford, Kent by the end of Autumn 2022. The closure will take the company’s store count in the UK to 503.Non-Store-Closure News
Ted Baker Hires New CFO Apparel brand Ted Baker has appointed Marc Dench as CFO, effective March 8, 2022. Dench most recently served as CFO at digital health platform Health Hero. Dench succeeds David Wolffe, who had served as CFO since early 2020. [caption id="attachment_143054" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. *Estimated store closures Tesco includes Tesco and Jack’s stores.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_143055" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. *Estimated store openings.
**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] 2022 Major UK Uncharted Openings and Closures [wpdatatable id=1799]
Source: Company reports/Coresight Research
This week saw an update for Mere, which took the 2021 openings counts to 1,154. [caption id="attachment_143056" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. *Estimated store closures
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_143057" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. *Estimated store openings
**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] 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 B2C retail closures, so closures by solely B2B companies are excluded. The deadline for inclusion in each weekly report (published on Fridays) is typically the preceding Wednesday.