DIpil Das
The US
2022 Major US Store Closures and Openings This week, we discuss store-count updates for Barnes & Noble, Daiso Japan, Ethan Allen, Hermès, Madison Reed, Party City, Rite Aid, Sportsman’s Warehouse, Steve Madden, Tempur Sealy International, Tops Market, Vince Holding and Whole Foods Market. In light of these updates, our 2022 US store closures and openings counts stand at 1,467 and 4,071, 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 18 of 2022 and 2021, ended May 6, 2022, and May 5, 2021, respectively. Year to date in 2022, major US retailers have announced 9.2% more openings and 57.9% fewer closures compared to the same time last year.2022 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=434]
2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=435]
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
Barnes & Noble To Close One Store Book retailer Barnes & Noble plans to close one store in Clark, New Jersey, on June 19, 2022. The store closure will take the company store count to 611. Daiso Japan Announces Store Expansion Plan Discount retailer Daiso Japan plans to open 15 stores annually for the next 10 years. The openings will take the company’s store count to 95 in the US. Hermès Opens One Store Luxury brand Hermès plans to open one store in Austin, Texas, by the end of May 2022. The opening will take the company’s store count to 40. Coresight Research insight: The Covid-19 pandemic saw many consumers migrating out of larger cities, such as New York and Los Angeles, back to their hometowns or more rural areas. Even as pandemic-led restrictions loosen, we believe shopping for luxury closer to home will be an ingrained behavior. To meet luxury consumers where they are, we expect to see more luxury companies increase retail openings and partnerships with established retailers in now-popular cities, such as Austin or Dallas, where luxury watch brand Breitling and British brand Burberry plan to open stores later this year. Madison Reed Announces Store Expansion Plan Direct-to-consumer haircare brand Madison Reed plans to open 12 stores by the end of 2022. The company operates 68 stores as of May 6, 2022. Party City To Close One Store Party supplies retailer Party City plans to close one store in Salina, Kansas, by the end of 2022. The closure will take the company’s store count to 823. Sportsman’s Warehouse Opens Two Stores Sporting goods retailer Sportsman’s Warehouse opened one store in Saratoga Spring, Utah, on April 28, 2022, and one store in Stansbury Park, Utah, on May 5, 2022. The company operates 126 stores as of May 6, 2022. Tops Market To Close One Store Supermarket chain Tops Market plans to close one store in Ithaca, New York, by the end of May 2022. The closure will take the company’s store count to 150.Quarterly Store Openings/Closures Settlement
Ethan Allen Provides Store-Count Update Furniture retailer Ethan Allen opened two stores in its third fiscal quarter, which ended March 31, 2022. The company operates over 137 stores in the US as of April 29, 2022. Rite Aid Provides Store-Count Update Drugstore chain Rite Aid opened two stores and closed 41 in 2021, and closed 25 stores year to date in 2022. The company also plans to close 107 stores in its fiscal year ending March 2023, of which we estimate 89 to take place in 2022, taking the retailer’s 2022 closure count to 114. The company operates 2,450 stores as of February 26, 2022. Steve Madden Provides Store-Count Update Footwear brand Steve Madden closed four stores in 2021 and one store year to date in 2022. The company operates 214 stores as of March 31, 2022. Tempur Sealy International Provides Store-Count Update Mattress company Tempur Sealy International opened 17 stores in the US in 2021. The company also plans to open 60 stores globally in 2022, of which we estimate 18 to take place in the US. The company operates 192 stores as of March 31, 2022. Vince Holding Provides Store-Count Update Luxury retailer Vince Holding opened 14 stores in 2021 and two stores year to date in 2022. The company operates 86 stores as of January 29, 2022. Whole Foods Market Provides Store-Count Update Grocery retailer Whole Foods Market opened one store in Chicago on May 3, 2022, and plans to close six stores by the end of 2022. The company operates 515 stores as of May 6, 2022.Non-Store-Closure News
Hudson’s Bay Appoints CFO Department store chain Hudson’s Bay appointed Nadira Singh as its CFO, effective April 28, 2022. Singh most recently served as VP of Finance at the energy company Ontario Power Generation. Singh succeeds Elliot Grundmanis, who stepped down from his role in November 2021. 2022 Major US Store Closures and Openings [caption id="attachment_146792" 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_146793" 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 11 store openings and are not included in the chart
†Figures pertain to North America closures
TJX Companies includes HomeGoods, Homesense and Marmaxx (T.J. Maxx, Marshalls and Sierra) 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=1952 table_view=regular]
Source: Company reports/Coresight Research This week saw updates for Rite Aid, Steve Madden, Tempur Sealy and Vince Holding which changed our 2021 openings and closure counts to 4,991 and 5,164, respectively. 2021 Major US Store Closures and Openings [caption id="attachment_146795" 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
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.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_146796" 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 Evans Cycles, Loake Shoemaker, Regatta, Saltrock and Suit Direct. In light of these updates, our 2022 UK store closures and openings counts stand at 396 and 580, 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 18 of 2022 and 2021, ended May 6, 2022, and May 5, 2021, respectively. Year to date in 2022, major UK retailers have announced 30.6% more openings and 67.2% fewer closures compared to the same time last year.2022 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=436]
2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=437]
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
Evans Cycles Opens One Store Bicycle retailer Evans Cycles opened one store in Burton-on-Trent on April 28, 2022. The store opening takes the company’s store count to 80. Loake Shoemaker To Open One Store Shoe retailer Loake Shoemaker plans to open one store in Norwich by the end of May 2022. The company operates 21 stores in the UK as of May 6, 2022. Regatta Opens One Store Outdoor and leisure apparel retailer Regatta opened one store in Dundee on May 4, 2022. The opening takes the company’s store count to 48. Saltrock Opens One Store Surfwear retailer Saltrock opened one store in Conwy on April 29, 2022. The opening takes the company’s store count to 54. Suit Direct Opens One Store Men’s apparel retailer Suit Direct opened one store in Telford on May 4, 2022. The opening takes the company’s store count to 42.Non-Store-Closure News
Tesco Partners With Uber Eats Supermarket chain Tesco has partnered with online food delivery company Uber Eats to strengthen the supermarkets’ rapid-delivery service, Whoosh. Courier with the Uber Eats apps will fulfill Whoosh orders in 20 stores across cities in the UK. The partnership follows Tesco’s plan to roll out its rapid delivery service to over 600 stores by the end of 2022. [caption id="attachment_146797" 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, One Stop, Booker and Jack’s banners.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_146798" 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] [caption id="attachment_146799" 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 closuresGap 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_146801" 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.