DIpil Das
The US
2022 Major US Store Closures and Openings This week, we discuss updates for Academy Sports and Outdoors, David’s Bridal, Earth Fare, Gucci, H&M, Läderach, Mango, Parachute, QuickChek, Sears Hometown and Tractor Supply Company. In light of these updates, our 2022 US closures and openings counts stand at 769 and 2,028, 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 5 of 2022 and 2021, ended February 4, 2022, and February 5, 2021, respectively. Year to date in 2022, major US retailers have announced 3.8% more openings and 63.3% fewer closures compared to the same time last year.2022 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=377]
2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=378]
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
Academy Sports and Outdoors To Open Eight Stores Sporting goods retailer Academy Sports and Outdoors plans to open eight stores in 2022. The company operates 251 stores as of February 4, 2022. David’s Bridal To Open Two Stores Bridal apparel retailer David’s Bridal plans to open two stores in the first quarter of 2022. The stores will be located in West Chester Township, Ohio, and in Torrance, California, and will take the company’s store count to 299. Earth Fare To Close One Store Supermarket chain Earth Fare plans to close one store in St. Johns, Florida, on February 13, 2022. The closure will take the company’s store count to 26. Gucci To Open One Store Luxury retailer Gucci plans to open one store at the Easton Town Center shopping mall in Columbus, Ohio, by the end of February 2022. The company operates 99 stores in the US as of February 4, 2022. Läderach To Open Four Stores Chocolatier Läderach plans to open four stores by the end of 2022. The openings will take the company’s store count to 38. Mango To Open One Store Apparel brand Mango plans to open one store in New York City by the end of the first half of 2022. The opening will take the company’s store count in the US to nine. Parachute To Open 18 Stores Digitally native furniture brand Parachute plans to open 18 stores by the end of 2022. The openings will take the company’s store count to 30. QuickChek Opens One Store Convenience store chain QuickChek opened one store in Readington Township, New Jersey, on February 2, 2022. The store opening takes the company’s store count to 164. Sears Hometown To Close One Store Department store chain Sears plans to close one home appliance store, branded as Sears Hometown, in Mt. Pleasant, Michigan, by the end of February 2022. The closure will take the company’s store count to 324.Quarterly Store Openings/Closures Settlement
H&M Provides Store-Count Update Apparel retailer H&M plans to open 120 stores and close 240 globally in its fiscal year ending early December 2022—we estimate that 14 openings and 27 closures will take place in the US. The update, which included data for 2021, takes the company’s 2021 openings and closures counts to six and 33, respectively, and its 2022 openings and closures counts to 13 and 25, respectively. The company operates 548 stores in the US as of November 30, 2021. Tractor Supply Company Provides Store-Count Update Home-improvement retailer Tractor Supply Company opened 80 Tractor Supply stores and seven Petsense stores, and closed 11 Petsense stores in 2021. The company plans to open 75 Tractor Supply stores and 10 Petsense stores by the end of 2022. The company operates 2,003 Tractor Supply stores and 178 Petsense stores as of December 25, 2021.Non-Store-Closure News
Home Depot Appoints New CEO Home-improvement retailer Home Depot has promoted Chief Operating Officer Edward Decker to CEO and President, effective March 1, 2022. Decker succeeds Craig Menear, who will continue to serve as Chairman. 2022 Major US Store Closures and Openings [caption id="attachment_140746" 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
†Figures pertain to North America closures
Source: Company reports/Coresight Research [/caption] [caption id="attachment_140737" 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.
†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=1803]
Source: Company reports/Coresight Research
This week saw an update for H&M and Tractor Supply Company, which took the 2021 closures and openings count to 4,967 and 5,040, respectively. 2021 Major US Store Closures and Openings [caption id="attachment_140738" 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 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_140739" 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=1627]
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 Adidas, B&Q, Crew Clothing, H&M, Harrods, IKEA, Jack Wills, Kurt Geiger, Suit Direct and Tesco. In light of theseupdates, our 2022 UK closures and openings counts stand at 278 and 371, 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 5 of 2022 and 2021, ended February 4, 2022, and February 5, 2021, respectively. Year to date in 2022, major UK retailers have announced 100.5% more openings and 62.2% fewer closures compared to the same time last year.2022 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=379]
2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=380]
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
Adidas To Open One Store Sportswear retailer Adidas plans to open one factory outlet store in Kingsgate Retail Park in Glasgow by the end of the first half of 2022. The opening will take the company’s store count in the UK to 29. B&Q Opens One Store Home-improvement retailer B&Q opened one store in Livingston on January 31, 2022. The company operates over 300 stores in the UK as of February 4, 2022. Crew Clothing Provides Store-Count Update Apparel retailer Crew Clothing opened 20 stores in the UK in 2021 and plans to open 8–12 stores in the UK by the end of 2022. The company operates 102 stores in the UK as of February 4, 2022. H&M Provides Store-Count Update Apparel retailer H&M plans to open 120 stores and close 240 globally in its fiscal year ending December 2022—we estimate that seven openings and 13 closures will take place in the UK. The update, which included data for 2021, takes the company’s 2021 openings and closures counts to six and 28, respectively, and its 2022 openings and closure counts six and 12, respectively. The company operates 265 stores in the UK as of November 30, 2021. IKEA To Open One Store Home-furnishings retailer IKEA plans to open one smaller concept store in Hammersmith by the end of February 2022. The opening will take the company’s store count in the UK to 23. Harrods To Open One Store Department store chain Harrods plans to open one H Beauty store in the Metrocentre shopping center in Gateshead by the end of February 2022. The store will span 30,000 square feet and will take the company’s H Beauty store count to five. Jack Wills To Open One Store Apparel brand Jack Wills plans to open one store in Derbion shopping center in Derby in spring 2022. The opening will take the company’s store count to 64. Kurt Geiger To Open 13 Stores Apparel retailer Kurt Geiger plans to open 13–15 stores by the end of 2022. The company operates 56 stores as of February 4, 2021. Suit Direct Provides Store-Count Update Apparel retailer Suit Direct opened 11 stores in 2021 and plans to open one store on February 18, 2022. The update will take the company’s store count to 42. Tesco To Shut Down Jack’s Stores Tesco plans to close its discount store chain Jack’s. Seven stores are set to close and the remaining six will be converted into Tesco superstores. The update takes the 2022 closure count for Tesco to seven, as we include Jack’s stores in our Tesco count. The company operates over 4,000 stores in the UK as of February 4, 2022. Coresight Research insight: We thought this venture looked likely to have a limited lifespan from the start. Two things needed to succeed in Aldi-style hard discount are scale (to drive economies) and an unusual attention to operational detail in squeezing out costs and pushing up efficiency (which Jack’s showed some signs of lacking, at least at store level). The Jack’s venture echoes Sainsbury’s similarly short-lived hard-discount undertaking, through its joint-venture Netto operation, which shut down in 2016. Moreover, Tesco’s recent performance in its eponymous chain has shown that it can tackle the threat of the discounters within its core operation.Non-Store-Closure News
Monsoon Accessorize Appoints New Managing Director Apparel retailer Monsoon Accessorize has appointed Emma Alexander as Managing Director for its Accessorize brand, effective March 2022. Alexander currently serves as Fashion Director at multi-brand online retailer The Very Group. [caption id="attachment_140741" 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_140742" 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.
Source: Company reports/Coresight Research [/caption] 2022 Major UK Uncharted Openings and Closures [wpdatatable id=1804]
Source: Company reports/Coresight Research
This week saw updates for Crew Clothing, H&M and Suit Direct, which took the 2021 openings and closures counts to 1,151 and 1,566, respectively. [caption id="attachment_140747" 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_140744" 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.