DIpil Das
The US
2022 Major US Store Closures and Openings This week, we discuss store-count updates for Bed Bath & Beyond, Build-A-Bear Workshop, Uniqlo, Walmart, Wawa and West Elm. In light of these updates, our 2022 US store closures and openings counts stand at 1,381 and 3,973, 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 16 of 2022 and 2021, ended April 22, 2022, and April 23, 2021, respectively. Year to date in 2022, major US retailers have announced 13.9% more openings and 58.3% fewer closures compared to the same time last year.2022 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=423]
2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=424]
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
Uniqlo Announces Store Expansion Plan Apparel retailer Uniqlo plans to open 30 stores annually in North America for the next five years. We estimate that 22 of the stores will open in the US in calendar 2022. The company operates 43 stores in the US as of April 22, 2022. Walmart To Close One Store Walmart plans to close one store in Mayfield Heights, Ohio, in May 2022. The closure will take the company’s store count to 5,340. Wawa Announces Store Expansion Plan Convenience store retailer Wawa plans to double its store count to 1,800 by the end of 2030. We estimate that 93 of the stores will open in calendar 2022. The company operates 965 stores as of April 22, 2022. West Elm To Close One Store Home-furnishings retailer West Elm plans to close one store in Reno, Nevada, by the end of April 2022. The closure will take the company’s store count to 108.Quarterly Store Openings/Closures Settlement
Bed Bath & Beyond Provides Store-Count Update Home-goods retailer Bed Bath & Beyond opened six stores and closed 107 in 2021 and has opened one store and closed three year to date in 2022. The company also plans to open 20 buybuy BABY stores in its fiscal year ending early March 2023, of which we estimate 17 will open in calendar 2022, taking the company’s 2022 openings count to 18. The company operates 995 stores across its banners in the US as of February 24, 2022. Build-A-Bear Workshop Provides Store-Count Update Toy retailer Build-A-Bear Workshop opened four and closed six stores in North America in 2021. The company also plans to open 15 stores in North America over the next three years, of which we estimate five will open in calendar 2022. The company operates 305 stores in North America as of January 30, 2022.Non-Store-Closure News
Lowe’s CFO to Step Down Home improvement retailer Lowe’s announced that its CFO Dave Denton will step down, effective May 2, 2022. The company promoted current Senior Vice President of Retail Finance, Brandon Sink, to succeed Denton from April 30, 2022. 2022 Major US Store Closures and Openings [caption id="attachment_146019" 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_146009" 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 HomeGoods, Homesense, Marmaxx (T.J. Maxx, Marshalls and Sierra ) and 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 US totals above, as the companies did not provide details on timing or location. [wpdatatable id=1902]
Source: Company reports/Coresight Research This week saw updates for Bed Bath & Beyond and Build-A-Bear Workshop, which takes the 2021 closures and openings counts to 5,144 and 4,996, respectively. 2021 Major US Store Closures and Openings [caption id="attachment_146010" 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 Bloomingdale’s, Bluemercury and Macy’s banners. Ascena Retail Group includes Ann Taylor, Catherines, Justice, 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 that its outlets would commonly be perceived as retail stores. Macy’s includes Bloomingdale’s, Bluemercury and Macy’s banners. 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_146011" 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
Aerie includes Aerie stores and OFFLINE stores. Amazon includes Amazon Fresh and Amazon Go stores. TJX Companies includes HomeGoods, Homesense, Marmaxx (T.J. Maxx, Marshalls and Sierra) 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=1903]
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 store updates for Dunelm, Farmfoods, FatFace, Homebase, LK Bennett, Sweaty Betty, Tesco and U.S. Polo Assn. In light of these updates, our 2022 UK store closures and openings counts stand at 396 and 545, 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 16 of 2022 and 2021, ended April 22, 2022, and April 23, 2021, respectively. Year to date in 2022, major UK retailers have announced 35.6% more openings and 66.1% fewer closures compared to the same time last year.2022 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=425]
2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=426]
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
Dunelm To Open One Store Home-furnishings retailer Dunelm plans to open one store in Basildon in May 2022. The company operates 179 stores as of April 22, 2022. Farmfoods To Open One Store Frozen foods retailer Farmfoods plans to open one store in Basingstoke on May 12, 2022. The company operates over 300 stores as of April 22, 2022. FatFace To Close One Store Apparel retailer FatFace plans to close one store in Preston in May 2022. The closure will take the company’s store count to 201. Homebase To Open One Store Home improvement retailer Homebase plans to open one store in the Greyhound Retail Park in Chester in June 2022. The opening will take the company’s store count to 168. LK Bennett Opens One Store Luxury fashion brand LK Bennett opened one store in Hampstead on April 14, 2022. The opening takes the company’s store count to 27 stores. Sweaty Betty Opens One Store Apparel retailer Sweaty Betty opened one store in Ringwood on April 20, 2022. The opening takes the company’s store count to 62. Tesco Provides a Store-Count Update Supermarket chain Tesco opened 49 and closed 29 stores across its banners in 2021 and has opened nine and closed 12 stores year to date in 2022. The company also plans to open 65 Tesco Express convenience stores in its fiscal year ending early March 2023, of which we estimate 51 will open in calendar 2022, taking the company’s 2022 openings count to 63. The company operates 3,670 stores across its banners in the UK. U.S. Polo Assn. Debuts in the UK Apparel brand U.S. Polo Assn. opened its first UK store on April 20, 2022, located in the Cheshire Oaks Designer Outlet in Ellesmere Port.Non-Store-Closure News
Asda CFO Steps Down Supermarket chain Asda announced that its CFO John Fallon stepped down on April 14, 2022. Fallon joined the company in 1996 and was promoted to CFO in June 2021. The company has yet to name a successor. [caption id="attachment_146012" align="aligncenter" width="701"]
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, One Stop, Booker and Jack’s banners.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_146013" 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
Tesco includes Tesco, One Stop and Booker banners.
Source: Company reports/Coresight Research [/caption] This week saw updates for Tesco, which take the 2021 openings and closure counts to 1,198 and 1,595, respectively. [caption id="attachment_146014" 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
Gap includes Republic of Ireland. McColl’s includes convenience stores and newsagents. Tesco includes Tesco, One Stop, Booker and Jack’s banners.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_146015" 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
Tesco includes Tesco, One Stop, Booker and Jack’s banners.
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.