DIpil Das
The US
2022 Major US Store Closures and Openings This week, we discuss updates for Allbirds, Amazon, Bath & Body Works, Camping World, Carter’s, Crate & Barrel, David’s Bridal, Floor & Decor, Foot Locker, Harbor Freight Tools, Lowe’s, Lumber Liquidators, Office Depot, Schnuck, Sleep Number, Sprouts Farmers Market, TJX Companies and Wawa. In light of these updates, our 2022 US closures and openings counts stand at 1,050 and 2,580, 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 9 of 2022 and 2021, ended March 5, 2022, and March 6, 2021, respectively. Year to date in 2022, major US retailers have announced 11.1% more openings and 52.5% fewer closures compared to the same time last year.2022 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=395]
2021 US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=396]
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
Amazon To Close 57 Permanent Stores Amazon plans to close a total of 66 stores in the US, representing all of its Amazon Books (24 stores) and 4-star stores (33 stores) as well as its pop-up stores (nine stores). We do not include pop-ups in our store tracking, so we are recording the closure of 57 permanent stores. The closures will take the Amazon-branded store count to 28. Coresight Research insight: This marks a retreat from physical stores in nonfood retailing by Amazon, leaving the company’s brick-and-mortar presence strongly focused on grocery—through Whole Foods Market, Amazon Go and the expanding Amazon Fresh chain. We have long pointed to stores and a multichannel proposition being essential for Amazon to capture meaningful share in grocery. The need for stores is much less evident in categories such as books and electronics—products bought on specification and where e-commerce already accounts for a very large share of sales. More skeptically, we wonder whether many shoppers will miss the esoteric and sometimes-underwhelming experience of Amazon’s 4-star stores. Crate & Barrel To Close One Store Home-furnishings retailer Crate & Barrel plans to close one store in San Francisco, California, on March 23, 2022. The closure will take the company’s store count to 96. David’s Bridal To Close One Store Bridal apparel retailer David’s Bridal plans to close one store in Lawrence Township, New Jersey, on April 21, 2022. The closure will take the company’s store count to 298. Schnuck To Open One Store Grocery retailer Schnuck plans to open one store in Columbia, Missouri, by the end of March 2022. The opening will take the company’s store count to 112.Quarterly Store Openings/Closures Settlement
Allbirds Provides Store-Count Update Footwear brand Allbirds opened 11 stores in 2021 and plans to open 16 stores globally by the end of 2022, 11 of which we estimate will open in the US. The company operates 23 stores in the US as of March 5, 2022. Bath & Body Works Provides Store-Count Update Beauty retailer Bath & Body works opened 54 stores and closed 31 in 2021 and has opened one and closed eight stores year to date in 2022. The company operates 1,651 stores in the US as of January 30, 2022. Camping World Provides Store-Count Update Camping supplies retailer Camping World opened 16 stores in 2021 and plans to open 20 stores by the end of calendar 2022. The company operates 187 stores as of December 31, 2021. Carter’s Provides Store-Count Update Children’s apparel retailer Carter’s closed 113 stores in 2021 and plans to close 30 stores by the end of calendar 2022. The company operates 751 stores as of December 31, 2021. Floor & Decor Provides Store-Count Update Flooring and accessories retailer Floor & Decor opened 27 stores in 2021 and plans to open 32 stores by the end of calendar 2022. The company operates 160 stores as of December 31, 2021. Foot Locker Provides Store-Count Update Footwear retailer Foot Locker opened 54 stores and closed 301 across its banners in the US in 2021, and has opened 11 stores and closed 63 year to date in the US in 2022. The company operates 1,987 stores in the US across its banners as of January 29, 2022. Harbor Freight Tools Provides Store-Count Update Home-improvement retailer Harbor Freight Tools has opened 15 stores year to date as of March 5, 2022. The openings take the company’s store count to 1,301. Lowe’s Provides Store-Count Update Home-improvement retailer Lowe’s opened three stores and closed three in 2021. It has closed one store year to date in 2022. The company operates 1,971 stores in the US as of January 28, 2022. Lumber Liquidators Provides Store-Count Update Home-improvement retailer Lumber Liquidators opened 15 LL Flooring stores and closed one in 2021, and plans to open 20 by the end of 2022. The company operates 424 stores in the US as of December 31, 2021. Office Depot Provides Store-Count Update Office supplies retailer Office Depot closed 116 stores in 2021. The company operates 1,038 stores as of December 25, 2021. Sleep Number Provides Store-Count Update Mattress retailer Sleep Number opened 77 stores and closed 31 in 2021. The company operates 647 stores as of December 31, 2021. Sprouts Farmers Market Provides Store-Count Update Grocery retailer Sprouts Farmers Market opened 12 stores in 2021 and plans to open 15 stores by the end of 2022. The company operates 374 stores as of January 2, 2022. TJX Companies Provides Store-Count Update Off-price retailer TJX Companies opened 14 T.J. Maxx stores and closed one, opened 19 Marshalls stores and closed two, opened 29 HomeGoods stores, opened 10 Sierra stores and opened five Homesense stores in 2021. The company plans to open 50 T.J. Maxx stores, 55 HomeGoods stores, 19 Sierra stores and nine Homesense stores by the end of 2022. The update takes the company’s 2021 openings and closures count to 77 and three, respectively, and 2022 openings count to 133. The company operates 1,284 T.J. Maxx stores, 1,148 Marshall’s stores, 850 HomeGoods stores, 59 Sierra stores and 39 Homesense stores as of January 2, 2022. Wawa Provides Store-Count Update Convenience store chain Wawa plans to open 60 stores by the end of calendar 2022. The company has opened six stores year to date and operates over 900 stores as of March 5, 2022.Non-Store-Closure News
Bath & Body Works CEO To Step Down Beauty retailer Bath & Body Works has announced that its CEO Andrew Meslow plans to step down from his role on May 12, 2022. Meslow joined the company in 2005 as CFO and has served as CEO since 2020. The company is yet to name a successor. 2022 Major US Store Closures and Openings [caption id="attachment_142770" 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_142771" 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
†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=1761]
Source: Company reports/Coresight Research This week saw updates for Allbirds, Bath & Body Works, Camping World, Carter’s, Foot Locker, Floor & Decor, Lowe’s, Lumber Liquidators, Sleep Number, Sprouts Farmers Market, TJX Companies and Office Depot, which take the 2021 closures and openings counts to 5,113 and 4,983, respectively. 2021 Major US Store Closures and Openings [caption id="attachment_142772" 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, Bluemercury 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_142773" 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]
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 Amazon, Evans Cycles, Card Factory, Monsoon Accessorize, Next, Pavers and River Island. In light of these updates, our 2022 UK closures and openings counts stand at 335 and 425, 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 9 of 2022 and 2021, ended March 5, 2022, and March 4, 2021, respectively. Year to date in 2022, major UK retailers have announced 108.3% 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=397]
[wpdatachart id=398]
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
Amazon To Close Two stores Amazon plans to close two stores in the UK. As discussed in the US section, above, Amazon is closing its 4-star and Books chains stores. Amazon has one 4-star store in the UK and no Books stores, and the second UK closure has not been disclosed. Amazon also operates a hair salon in London. Should both closures be in retail (i.e., not the salon business), this move will take the company’s UK store count to 14. Card Factory Opens One Store Greeting card and gift retailer Card Factory opened one store in Widnes, Cheshire on February 24, 2022. The company operates over 1,000 stores as of March 5, 2022. Evans Cycles Provides Store-Count Update Bicycle retailer Evans Cycles has opened four stores year to date in 2022. The company operates 79 stores as of March 5, 2022. Monsoon Accessorize Provides Store-Count update Apparel retailer Monsoon Accessorize opened 11 stores in 2021 and plans to open 20 stores by the end of 2022. The company operates 151 stores as of March 5, 2021. Next To Close One Store Apparel retailer Next plans to close one store in the Princes Quay shopping center in Hull by the end of March 2022. The closure will take the company’s store count in the UK to 504. Pavers To Open Two Stores Shoe retailer Pavers plans to open one store in each Thatcham and High Legh by the end of March 2022. The openings will take the company’s store count to 143. River Island To Open One Store Apparel retailer River Island plans to open one store in Barnsley by the end of March. The opening will take the company’s store count to 257.Non-Store-Closure News
Frasers Group Acquires Studio Apparel retail group Frasers Group acquired discount home-shopping retailer Studio Retail from administration in a £26.8 million ($35.9 million) deal on February 25, 2022. Studio Retail collapsed into administration on February 24, 2022, after its request for a short-term loan from its bank was rejected. [caption id="attachment_142774" 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_142775" 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=1799]
Source: Company reports/Coresight Research
This week saw updates for Monsoon Accessorize, which took the 2021 openings counts to 1,177. [caption id="attachment_142776" 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_142777" 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.