Coresight Research tracks store openings and closures for a select group of retailers in the US and the UK, as well as major US store bankruptcies.
- Year-to-date (YTD) 2018, the number of US store closure announcements stands at 4,612 and the number of store openings is 2,743.
- L Brands is closing all 23 of its Henri Bendel stores.
- Staples is acquiring Essendant for $996 million.
- YTD in the UK, there have been 1,232 store closure announcements and 737 store opening announcements.
- Tesco opened the first store in its new discount chain Jack’s this week, and it announced plans to open 10–15 such stores in the next six months.
Coresight Research tracks news about store closures and openings, bankruptcies and management changes. Our Weekly Store Openings and Closures Tracker focuses on department stores and specialty retail, including, but not limited to, softlines, hardlines, consumer electronics, grocery and furniture.
2018 Major US Store Openings and Closures
YTD in the US, there have been 4,612 store closure announcements and 2,743 store opening announcements.
What Is Happening this Week in the US?
L Brands to Close All Henri Bendel Stores
L Brands announced the closure of all its 23 stores and the website of its upscale women’s clothing banner Henri Bendel last week. The stores, including the Fifth Avenue flagship, will close by January 2019 but will have new merchandise for the holiday season. The company disclosed that Henri Bendel’s 2018 revenue will reach $85 million while operating losses will be around $45 million. Leslie Wexner, Chairman and CEO of L Brands, said in a statement, “We are committed to improving performance in the business and increasing shareholder value. As part of that effort, we have decided to stop operating Bendel to improve company profitability and focus on our larger brands that have greater growth potential.”
Staples to Acquire Essendant for $996 Million
Staples, the world’s largest office supplies retailer, will buy office supplies wholesale distributor Essendant for $12.80 per share in cash, or a transaction value of $996 million including net debt, according to a press release from the companies. Staples said in a statement that the acquisition will “ultimately deliver significant value to independent resellers and end customers across the US.” The company also acquired office products dealer HiTouch Business Services earlier this year in June to fuel its battle with rival Office Depot.
Schnucks Markets to Acquire 19 Shop ’n Save Supermarkets
Food retail company Supervalu and supermarket chain Schnucks Market have entered into an agreement according to which the former will sell 19 of its 36 Shop ’n Save supermarkets to Schnucks Market. The companies will enter into another agreement for Supervalu to become the primary supplier for nine of Schnucks’ existing stores in Northern Illinois, Iowa and Wisconsin. The news surfaced as Supervalu plans to shift from retail to wholesale business. The company also divested its Farm Fresh supermarket banner earlier this year in May.
Macy’s Partners with Facebook to Expand In-Store Pop-Up Concept
Macy’s announced on September 17 that it is partnering with Facebook to bring around 150 e-commerce brands to nine The Market @ Macy’s stores for the holidays. The company will offer products ranging from apparel to accessories, through beauty, stationery and technology, among others. The company claims it to be a unique “retail as a service” model which helps small businesses and emerging e-commerce brands to reach new and larger audiences in the physical space. Macy’s has also partnered with Marxent and developed virtual and augmented reality applications to enhance the furniture shopping experience at its stores.
Year-to-Date 2018 Major US Store Bankruptcies
2017 Major US Store Openings and Closures
2017 Major US Store Bankruptcies
2018 Major UK Store Openings and Closures
YTD in the UK, there have been 1,232 store closure announcements and 737 store opening announcements.
What Is Happening This Week in the UK?
Tesco Launches its New Discount Store Chain Jack’s
This week, Tesco, Britain’s largest grocer, launched its new cut-price chain called Jack’s. The chain is named after Tesco’s founder, Jack Cohen. The first store was unveiled by Tesco CEO Dave Lewis in Chatteris, Cambridgeshire and will open to the public on September 20 along with its second outlet in Immingham, Lincolnshire. Lewis disclosed plans to open 10–15 Jack’s stores over the next six months, and we have attributed an estimated 13 to Jack’s in our store-openings total.
HomeSense to Open Nine New Stores
HomeSense, a home furnishing brand owned by American retailer TJX Companies, plans to open at least nine new UK stores this autumn. HomeSense will open new stores in Thurmaston Shopping Centre, Leicester and Westway Cross Shopping Park, London. The new store locations bring the total number of HomeSense stores to over 70 in the UK.
Orla Kiely Goes into Administration
Orla Kiely, a brand renowned for its iconic prints, has closed its website and stores—two in London and one in Ireland. Kiely Rowan, Orla Kiely’s parent company, announced on September 17 that it has gone into administration. The brand stated that this will not affect its Home and Licensing business and that its accessories and homewares will continue to be available through its distribution partners.
2017 Major UK Store Openings and Closures