DIpil Das
The US
2022 Major US Store Closures and Openings This week, we discuss updates for Capri Holdings, Cub Foods, CVS Health, Primark, Sprouts Farmers Market, Tapestry, Under Armour, Verlo Mattress and Your CBD Store. In light of these updates, our 2022 US closures and openings counts stand at 889 and 2,227, 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 7 of 2022 and 2021, ended February 18, 2022, and February 19, 2021, respectively. Year to date in 2022, major US retailers have announced 5.3% more openings and 58.4% fewer closures compared to the same time last year.2022 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=385]
2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=386]
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
Cub Foods To Open One Store Supermarket chain Cub Foods opened one store in Maple Grove, Minnesota, on February 14, 2022. The new store spans over 9,000 square feet and will take the company’s store count in the US to 107. Primark To Open 37 Stores UK-based apparel retailer Primark plans to expand its store count in the US to 50 in the next five years. The company currently operates 13 stores in the US, and we estimate that seven of the openings will fall in calendar 2022. Sprouts Farmers Market To Open Two Stores Grocery retailer Sprouts Farmers Market opened one store in Miami, Florida, on February 11, 2022, and plans to open one store in the Homestead Pavilion shopping center in Florida in April 2022. The openings will take the company’s store count to 385. Verlo Mattress To Open One Store Mattress retailer Verlo Mattress opened one store in Boca Raton, Florida, on February 11, 2022. The opening takes the company’s store count to 36.Quarterly Store Openings/Closures Settlement
Capri Holdings Provides Store-Count Update Luxury brand owner Capri Holdings opened three Versace stores and closed one Jimmy Choo store in 2021. The company also plans to open 88 Versace stores globally by the end of 2022, 16 of which we estimate will open in the US. The company operates 46 Jimmy Choo stores and 39 Versace stores in the US as of December 25, 2021. CVS Provides Store-Count Update Drugstore chain CVS Health opened 58 stores and closed 81 in 2021. The company operates 9,939 stores as of December 31, 2021. Tapestry Provides Store-Count Update Luxury brand owner Tapestry opened four Coach stores and closed 24, opened one Kate Spade store and closed eight and closed 11 Stuart Weitzman stores in 2021. The company operates 354 Coach stores, 209 Kate Spade stores and 43 Stuart Weitzman stores as of January 1, 2022. Under Armour Provides Store-Count Update Apparel brand Under Armour opened four stores in North America in 2021. The company operates 180 stores in North America as of December 31, 2021. Your CBD Store Provides Store-Count Update Hemp retailer Your CBD Store opened one store in Moorhead, Minnesota, on February 11, 2022. The company also opened two stores in 2021. The opening takes the company’s store count to 485.Non-Store-Closure News
PVH Corp Appoints New CFO Apparel brand owner PVH Corp has appointed Zac Coughlin as CFO, effective April 4, 2022. Coughlin currently serves as CFO of DFS Group, owned by luxury conglomerate LVMH. Coughlin succeeds Jim Holmes who is serving as interim CFO and Controller. Holmes will continue to serve as Executive Vice President and Controller following the transition. 2022 Major US Store Closures and Openings [caption id="attachment_141907" 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_141908" 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 updates for CVS Health, Tapestry and Capri Holdings, which took the 2021 closures and openings counts to 4,921 and 4,892, respectively. 2021 Major US Store Closures and Openings [caption id="attachment_141909" 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_141910" 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=1736 table_view=regular]
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 Castore, Decathlon, DV8, Fultons Foods, HMV, Next, The Range, Sports Direct and Sunnamusk. In light of theseupdates, our 2022 UK closures and openings counts stand at 330 and 395, 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 7 of 2022 and 2021, ended February 18, 2022, and February 19, 2021, respectively. Year to date in 2022, major UK retailers have announced 95.5% more openings and 68.9% fewer closures compared to the same time last year.2022 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=387]
2021 UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=388]
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
Castore To Open 16 Stores Sporting apparel and goods retailer Castore plans to open 16 stores in 2022, the first of which opened in Newcastle on February 14, 2022. The openings will take the company’s store count to 29. Decathlon To Close One Store Sporting apparel and goods retailer Decathlon plans to close one store in Dunstable by the end of March 2022. The company operates 48 stores as of February 18, 2022. DV8 To Open One Store Apparel retailer DV8 plans to open one flagship store in Belfast by April 2022. The opening will take the company’s store count to 30. Fultons Foods To Close 42 Stores Discount retailer Poundland, which acquired frozen food retailer Fultons Foods in October 2020 and converted 11 stores into Poundland stores, now plans to close the remaining 42 Fultons Foods stores by the end of 2022. HMV To Open One Store Music and entertainment retailer HMV plans to open one store in Edinburgh on March 18, 2022. The opening will take the company’s store count to 121 stores. Next To Close One Store Apparel retailer Next plans to close one store in the Oracle shopping center in Reading on March 12, 2022. The closure will take the company’s store count in the UK to 505. Sports Direct To Close One Store Apparel retail group Frasers Group plans to close one Sports Direct store in Sheffield by the end of March 2022. The company operates 532 Sports Direct stores in the UK as of February 18, 2022. Sunnamusk Opens One Store Luxury fragrance brand Sunnamusk opened one store in Merry Hill Shopping Centre near Birmingham on February 11, 2022. The opening takes the company’s store count to 15. The Range To Open One Store Home-goods retailer The Range plans to open one store in Ashford on March 18, 2022. The opening will take the company’s store count in the UK to 201.Non-Store-Closure News
Walgreens Provides Deadline for Boots Auction Bids Retail pharmacy company Walgreens Boots Alliance has announced February 28 as the deadline to place first-round bids for its health and beauty chain Boots. The Issa brothers, private equity company TDR Capital—which bought Asda in 2021—as well as a partnership comprising private equity firms Bain and CVC, have shown interest in the auction. [caption id="attachment_141911" 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_141912" 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
[caption id="attachment_141913" 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_141914" 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.