DIpil Das
The US
2022 Major US Store Closures and Openings This week, we discuss store-count updates for Allsup’s, Bath & Body Works, Best Buy, Citi Trends, The Container Store, Foot Locker, L.L. BeaPsycho Bunny, Ralph Lauren, Target and Wegmans. In light of these updates, our 2022 US store closures and openings counts stand at 1,587 and 4,229, 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 21 of 2022 and 2021, ended May 27, 2022, and May 26, 2021, respectively. Year to date in 2022, major US retailers have announced 6.3% more openings and 63.8% fewer closures compared to the same time last year.2022 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=446]
2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=447]
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
Allsup’s Opens Three Stores Convenience store chain Allsup’s opened three stores in Texas in May 2022. The company operates 403 stores as of May 27, 2022. The Container Store Announce Stores Expansion Plan Storage and organization products specialty retailer The Container Store plans to open 76 stores The company had opened one store year to date in 2022. We estimate that 11 of the 76 openings will fall in 2022, taking the company’s opening count to 12 for the year. The company operates 94 stores as of April 1, 2022. L.L.Bean To Open One Store Apparel retailer L.L.Bean plans to open one store in Williston, North Dakota, on June 10, 2022. The opening will take the company’s store count to 56. Wegmans To Open One Store Grocery retailer Wegmans plans to open one store in Washington D.C., on July 13, 2022. The opening will take the company’s store count to 107. Quarterly Store Openings/Closures Settlement Bath & Body Works Provides Store-Count Update Beauty retailer Bath & Body Works has opened an estimated 13 and closed an estimated 16 stores year to date in 2022. The company operates 1,655 stores in the US as of April 30, 2022. Best Buy Provides Store-Count Update Electronics retailer Best Buy closed seven stores in its first quarter, ended April 30, 2022. The company operates 947 stores as of April 30, 2022. Citi Trends Provides Store-Count Update Apparel retailer Citi Trends plans to open 20 stores in its fiscal year, ending early February 2023. We estimate that 18 of the stores will open in 2022, taking the company’s 2022 openings count to 22. The company operates 613 stores as of April 30, 2022. Foot Locker Provides Store-Count Update Footwear retailer Foot Locker has opened an estimated 30 and closed an estimated 119 stores across its brands year to date in 2022. The company operates 1,890 stores in North America as of April 2, 2022. Nordstrom Provides Store-Count Update Department store chain Nordstrom closed 11 stores in North America in its first quarter, ended April 30, 2022. The company operates 256 stores in North America as of April 30, 2022. Psycho Bunny Provides Store-Count Update Apparel brand opened 14 stores in 2021 and plans to open 29 stores by the end of 2022. The company operates 22 stores as of May 27, 2022. Ralph Lauren Provides Store-Count Update Apparel and footwear brand owner Ralph Lauren opened 15 and closed six stores in North America in 2021 and has opened four and closed two North American stores year to date in 2022. The company operates 239 stores in North America as of April 2, 2022. Target Provides Store-Count Update Mass merchandiser Target opened 31 and closed three stores in 2021. The company opened eight stores in its first quarter ended, April 30, 2022, which we have already tracked. The company operates 1,933 stores as of April 30, 2022.Non-Store-Closure News
Under Armour CEO Steps Down Apparel and footwear brand Under Armour announced that its current President and CEO, Patrik Frisk, will step down on June 1, 2022. Frisk joined the company in 2017 and took over as CEO in early 2020. The company has not yet named a successor. 2022 Major US Store Closures and Openings [caption id="attachment_148310" 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 three store closures and are not included in the chart
†Figures pertain to North America closures
Source: Company reports/Coresight Research [/caption] [caption id="attachment_148311" 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 12 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=1980]
Source: Company reports/Coresight Research
This week saw updates for Psycho Bunny, Ralph Lauren and Target, which changed our 2021 openings and closure count to 4,988 and 5,195, respectively. 2021 Major US Store Closures and Openings [caption id="attachment_148312" 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_148313" 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=1981]
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 Geek Retreat, JYSK, House of Fraser, Rowlands Pharmacy and Savers. In light of these updates, our 2022 UK store closures and openings counts stand at 401 and 682, 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 21 of 2022 and 2021, ended May 27, 2022, and May 26, 2021, respectively. Year to date in 2022, major UK retailers have announced 6.9% more openings and 68.4% fewer closures compared to the same time last year.2022 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=448]
2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=449]
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
Geek Retreat To Open One Store Hobby retailer Geek Retreat plans to open one store in Stevenage on June 18, 2022. The opening will take the company’s store count to 93. JYSK To Open One Store Furniture retailer JYSK plans to open one store in Telford on June 2, 2022. The opening will take the company’s store count to 26. House of Fraser To Close One Store Department store chain House of Fraser (owned by Frasers Group) plans to close one store in Cwmbran, outside of Newport, on June 18, 2022. The closure will take the company’s store count to 40. Rowlands Pharmacy Opens One Store Drugstore chain Rowlands Pharmacy opened one store in Conwy, Wales, on May 19, 2022. The store opening takes the company’s store count to 420. Savers To Close One Store Health and beauty store chain Savers (part of A.S. Watson) plans to close one store in Welshpool, Wales, on June 11, 2022. The company operates more than 500 stores as of May 27, 2022.Non-Store-Closure News
Harrods Appoints New CFO Luxury department store chain Harrods has appointed Tim Parker as its new CFO, effective May 23, 2022. Parker most recently served as Finance Director of Malaysia at British multinational conglomerate Jardin Matheson. John Edgar, the company’s former CFO, left the company in November 2017. [caption id="attachment_148316" 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 Frasers Group includes House of Fraser and Sports Direct banners.
Tesco includes Tesco, One Stop, Booker and Jack’s banners.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_148317" 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
Fraser Group includes Sports Direct banner. Tesco includes Tesco, One Stop and Booker banners.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_148318" 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. Frasers Group includes House of Fraser and Jack Wills banners.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_148319" 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
Frasers Group includes Flannels, House of Frasers, and Sports Direct banners. 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.