DIpil Das
The US
2022 Major US Store Closures and Openings
This week, we discuss store-count updates for Boot Barn, Club Champion, Giant Food, Saks Off 5th, Watches of Switzerland, Whole Foods Market. In light of these updates, our 2022 US store closures and openings counts stand at 1,912 and 4,341, 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 28 of 2022 and 2021, ended July 15, 2022, and July 16, 2021, respectively. Year to date in 2022, major US retailers have announced 2.0% more openings and 58.1% fewer closures compared to the same time last year.
2022 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=476]
2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=477]
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
Boot Barn Opens One Store
Footwear retailer Boot Barn opened one store in Montrose, Ohio, on July 12, 2022. The store opening takes the company’s store count to 311.
Saks Off 5th To Open Store
Department store chain Saks Off 5th plans to open one store in Stamford, Connecticut, in the fall of 2022. The company operates 99 stores as of July 15, 2022.
Giant Food Opens One Store
Grocery retailer Giant Food stores opened one store in Richboro, Pennsylvania, on July 1, 2022. The store opening takes the company’s store count to 160.
Whole Foods Market To Open Two Stores
Grocery retailer Whole Foods Market plans to open one store in Woodcliff Lake, New Jersey, on July 27 and will open one store in Kentwood, Michigan, on August 17, 2022. The store openings will take the company’s store count to 518.
Quarterly Store Openings/Closures Settlement
Club Champion Provides Store-Count Update
Golf equipment and apparel retailer Club Champion has opened four stores year to date in 2022 and plans to open four stores by the end of 2022. The company operates 93 stores as of July 15, 2022.
Watches of Switzerland Provides Store-Count Update
Luxury brand Watches of Switzerland opened 10 stores in 2021 and has opened three stores year to date in 2022. The company operates 40 stores in the US as of May 1, 2022.
Non-Store-Closure News
Gap CEO Steps Down
Apparel retailer Gap Inc. announced that its CEO, Sonia Syngal, stepped down on July 11, 2022. Syngal joined the company in 2004 and has served as CEO since 2020. The company appointed Executive Chairman Bob Martin as its interim CEO as it searches for a successor. 2022 Major US Store Closures and Openings [caption id="attachment_151481" 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_151482" 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
Amazon includes Amazon fresh, Amazon Go and Amazon Style banners. 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=2108]
Source: Company reports/Coresight Research
2021 Major US Store Closures and Openings [caption id="attachment_151483" 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_151484" 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 [wpdatatable id=2109]
Source: Company reports/Coresight Research
2021 Major US Retail Bankruptcies [wpdatatable id=2110]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 The Food Warehouse, Hobbycraft, Shoe Zone, Victoria's Secret and Watches of Switzerland. In light of these updates, our 2022 UK store closures and openings counts stand at 453 and 773, 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 28 of 2022 and 2021, ended July 15, 2022, and July 16, 2021, respectively. Year to date in 2022, major UK retailers have announced 1.7% more openings and 67.1% fewer closures compared to the same time last year.
2022 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=478]
2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=479]
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
The Food Warehouse To Open One Store Grocery retailer The Food Warehouse plans to open one store in Tonbridge on August 9, 2022. The opening will take the company’s store count to 161. Hobbycraft To Open One Store Art and craft retailer Hobbycraft plans to open one store in the London Road Retail Park, Maidstone, on August 13, 2022. The opening will take the company’s store count to 112. Shoe Zone To Open One Store Shoe retailer Shoe Zone plans to open one store in the Railway Street Retail Park, Dewsbury, on July 16, 2022. The opening will take the company’s store count to 364. Victoria’s Secret Opens One Store Apparel retailer Victoria’s Secret opened one store in Newcastle, on July 15, 2022. The opening will take the company’s UK store count to 28. Watches of Switzerland Provides Store-Count Update Luxury brand Watches of Switzerland opened 11 and closed six stores in 2021 and has opened four and closed two stores year to date in 2022. The company operates 131 stores in the UK as of May 1, 2022.Non-Store-Closure News
JD Sports Appoints New Chairman Sporting goods retailer JD Sports appointed Andy Higginson as its chairman, effective July 11, 2022. Higginson succeeds Peter Cowgill, who stepped down from his role in May 2022. Higginson most recently served as Chairman at Morrisons. [caption id="attachment_151485" 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 Flannels, House of Fraser, Jack Wills and Sports Direct banners. Tesco includes Tesco, One Stop, Booker and Jack’s banners.
Source: Company reports/Coresight Research [/caption] [caption id="attachment_151486" 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 Flannels, House of Fraser, Jack Wills and Sports Direct banners. Tesco includes Tesco, One Stop and Booker banners.
Source: Company reports/Coresight Research [/caption] This week saw an update for Watches of Switzerland which took the UK 2021 closure and openings counts to 1,662 and 1,249, respectively. [caption id="attachment_151487" 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 Flannels, House of Fraser, Jack Wills and Sports Direct banners. 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_151488" 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 four store openings and are not included in the chart
Frasers Group includes Flannels, House of Fraser, Jack Wills 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.